I'll give my opinion as someone who holds several patents, has filed for protection internationally under the PCT, and whose business is based on proprietary technology as well:
The entire system is useless and should be abolished.
1) You can get nonsense patented if you are patient enough and keep going back to the patent offices over and over. The people who are reviewing the patents aren't in any way expert enough in the subject matter to meaningfully judge whether something is new. They should just as well issue everything that comes in the door because they aren't a meaningful block to the issuance of garbage patents. When they send back objections they are usually non-sequiturs (>90% of the time)
2) "Holding the patent gives you the right to exclude". This is useless for a small fry anyway because patent litigation is so costly that unless you are in a huge industry it will never be worth it go to court anyway.
3) The patent doesn't meaningfully put any real ideas into the public domain. The info in the patent itself is the tiniest fraction of what you'd need to know to make a working product. The useful stuff is the trade secrets and know-how. I could see this being not the case in a few select fields like biotech.
4) The system is a net drain on the economy. Big corps have to keep filing their nonsense patents to protect themselves from each other. None of these filings are adding value.
Funders like to see patents. But I think this is because they don't appreciate the weaknesses of the system.