Was the product hot when applied? Asphalt paving is usually applied hot and then rolled to compact it. As soon as it is cool to the touch it is OK to drive on it with light traffic. However, there is a similar product often called cold patch, normally used to fix potholes. This is not heated and typically not compacted as firmly and as a result can be displaced by the weight of traffic or parked cars.
Then there is the possibility that the existing asphalt was simply sealed with a petroleum based sealant which takes time to cure and is virtually never used on public infrastructure.
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