This is not broad-strokes true. Within the realm of tech? Maybe. Within the realm of XYZ? Maybe.
Innovation requires investment and time. The classic example for the positive merits of the patent system is the pharmaceutical industry. No pharma company is going to spend 5 - 20 years and millions or billions developing new medicine if someone can immediately copy it and make a generic brand pricing it cheaper (they don't need to make back those costs). The issue of drugs costing an arm and a leg here is not really relevant either as that's moreso an American phenomenon, here in Australia or the UK they are reasonably priced.
Anyway the point here is that the patent system's happy-path design is to give the inventor of X time to make their money back and some profit before competition drives the price down. Is that abused? Absolutely whole-heartedly yes. Is the solution to the abuse the absolute removal of the patent system? Absolutely not.