The fundamental relationship between the spike voltage and the other terms is given by E=L di/dt, which means that the faster the current changes the greater the spike voltage will be. And it implies that the greater the current is initially the greater the spike voltage will be. Of course it may be difficult to know just exactly how fast the current is changing, because in a real situation with actual contacts opening there is often an arc, which is conductive, and thus acts as a resistor that affects the rate of current change.
So the result is that it takes more than just a 555 timer IC to produce some high voltage from an automotive ignition coil.