I think there are many problems with the patent system but the way you are describing it is overly broad. There are lots of technical details in this patent that describe a way of doing that. Once the period of exclusivity is up anyone can use that technique freely - but for now other people would have to pay or use an inferior technique that doesn't violate the patent. Arguably there's not a lot of value in every device working as perfectly as possible, but there's a lot of value in giving inventors temporary monopolies on truly new things.
yet as technological innovation gets faster over time, you would've thought the optimal patent term length to balance the innovation-incentivizing and innovation-chilling effects would decrease