I don't think there is inherently anything wrong with algorithmic feeds. Algorithms work well when finding you interesting content when there is too much content to show you all of it. Netflix does this every day and people don't complain about it.
I think the real problem is when this is done with an ad-supported business model. In that model, the interests of the algorithm designer are too far removed from the interests of the user. Presumably, since substack has a subscription business model (like netflix) we may end up with algorithmic feeds that users enjoy using.