Two words: Talking Pillow
It became a bit of a meme, but the TV show Breaking Bad had a famous scene where during an intervention of the main character, the family passed around a pillow to indicate who was allowed to speak at a given moment.
It seems a little silly, but in stressful or argumentative moments, using a mechanism like this can help remind people to be respectful to each other and offer a degree of control around social interaction. Based on the situation you are describing it sounds like your team could benefit from a similar method.
That's all well and good but it's not my meeting...
This is where I would challenge you to be assertive and address the entire team before the meeting starts to describe your observations and the dilemma it puts you in. Use buzzwords like "mutual respect" and "time efficiency" to help push the idea that there exists a need to bring order to the chaos. This should hopefully kick off a constructive conversation where the entire team can introduce ideas for improvement.
To address something mentioned in another answer, I wouldn't get hung up on who booked the meeting. Personally, if my attendance is required for a meeting, I am now a stakeholder of that meeting and feel not only permitted but obligated to help drive that meeting towards its end goal. If I see a problem which makes that meeting ineffective, I am either going to work to address the problem or I will stop attending altogether.
Just about everyone on this site works in a professional environment. We are all extremely busy and (hopefully) we are all paid well for the work that we do. Any meeting which is inefficient or a time-suck is not only inconvenient but is also a waste of the company's money. IMO, not addressing an issue like this would show lack of accountability.. I would argue that by bringing something like this up you are showing your professionalism.