Algorithms aint nuttin new...
Well, they've been in use.. forever.
Been employed? The employer had an algorithm to sort out the likely candidates from the less likely, and one to decide when to stop sorting.
Ever had a pay raise? Algorithm.
Ever got fired? Algorithm.
Ever got stopped for speeding? Algorithm.
Ever been convicted of a crime? Algorithm.
Ever paid tax? How much you were supposed to pay was set by an algorithm.
And all those and more were algorithms implemented by people. And apparently make society systematically racist. Or inegalitarian. Or rich. Or something that a whiner doesn't like.
I don't think the idiots muttering about algorithms have the vaguest idea of what an algorithm is.
But in the end, suppose that we have two companies (or equivalent large scale entities). One tunes its algorithms to find and hire mostly black candidates. The other tunes its algorithms to find and hire the best they can find, using the measures of competence and all the correlated data they've found.
Who likely gets the best additions to its workforce?
And if you don't like the wording 'to find and hire mostly black candidates', change 'black' for whatever. If you're not using the best search possible, you'll end up at a disadvantage.
So algorithms act in a competitive marketplace. So they'll get better.
Which leads to all sorts of issues, all of which are the same as if it the algorithms 'running' on humans instead of giant piles of silicon.