I'd still love to create a better open-source SRS algorithm at some point in the future. Mostly to use for language learning.
When I was learning Chinese characters, I did a bit of a deep dive into the Anki algorithm and found that the biggest flaw (imho) was the Ease Factor knocking a card back to 0.
If you mostly know a card, but miss it on one day for some reason - maybe you were tired or distracted, that card's learning progress should not be totally reset (as if you were learning it from scratch). That leads you to have too many cards to review on a daily basis. Instead, you should use some modifier to increase the interval to a reasonable level.
More explanation here: https://readbroca.com/anki/ease-hell/
I think it would be awesome to pair SRS with high quality images and audio, which I find most helpful for language learning. I've used Rosetta Stone and Duolingo in the past; Rosetta Stone has great audio and images but lacks a powerful SRS (it also has a number of other flaws in my mind, but I'll save that for another time). Duolingo is great for grammar and explanations, but I can't take the pronunciations and tediousness of it all.