Although normally algo trading is equated to high-frequency trading, there is - from what I understand - more to the term, including long-term investment.

And in general, the objective of a market is to allocate capital in the best possible way.

So, for that, I think that eventually an algorithm - or a market of algorithms - can get to be more fair and more efficient than a bunch of meat-based traders and investors. I'm pretty sure that we are not still there, but, assuming a future in which a huge, benevolent, fair capital allocation system exists, having people working on that might get to be morally good.