Algorithms are inherently protected, anyway - they're not like clever mechanical solutions that can be reverse-engineered by anyone with eyes and a brain; they're usually close-sourced when the author wants them to be. Patents may be necessary to protect products with transparent functionality, but software usually doesn't fit that bill unless it's deliberately open-sourced.
Even if you developed a strong AI algorithm that will change the world, there should be competition. It's not like Microsoft will hire a few engineers to rapidly develop something that transcends yours; it would be a reverse engineering challenge to any competition.
What if algorithms behind network protocols were patented? Computers would still be novelties and corporate tools, I think.