You might be shocked what the police are unable or unwilling to go after someone for. Things like aggravated assault, stalking, and breaking / entering. If you have a known address and whereabouts for someone, and you've checked there once (or a few times), what else can you really do? These tools can be used to automate things that would be extremely costly for an officer(s) to do.
I don't agree with pervasive surveillance btw, and there are other factors that cause law enforcement to be ineffective. I strongly disagree with your premise, though.
If there's single victim that hasn't died and the perpetrator isn't easy to find, they might just wait until they run into them or they murder someone. That's not an exaggeration, I've personally seen them unwilling to step in when a violent criminal is out to get someone, or someones being blatantly defrauded.
Well, that's a fairly heinous definition of law enforcement working well as it also covers, say, fascist secret police. Society running smoothly should not be prioritized over society running ethically. This is the core of why you could consider police primarily protecting the property rights of rich people: a disrupted rich person is enormously inefficient in terms of capital use, but a disrupted poor person is just another burden on society without much effect on the economic health signals to which people refer.