This algorithm is not practical to implement using any computer that would fit on Earth. It's primarily of theoretical interest.
> something will only really be proven true when the probability hits 1
Careful. An event can have probability 1 even if its complement isn't empty: https://en.wikipedia.org/wiki/Almost_surely
In this setting we're using discrete probabilities so we don't have to worry:)
That said, I can think of a number of uses for such an algorithm. If you load it full of conjectures in your field that are known to be true, it will might help you hone what problems are worth exploring by providing guess at how likely it is you can prove a statement you are pondering.