Earlier quoted context omitted.
The textbook pro-patent argument is that giving out a short-term monopoly increases the benefits of R&D. A company would have less to gain from developing a new product if anyone could then produce it. If you want to abolish patents, you need to create a new system by which companies can benefit from their innovation.
Most of the time, I don't think you do. I think innovation is still going to happen anyway. For example, I think companies would have still made mobile phones and furthermore I think they would be better without patents because one maker wouldn't be arbitrarily restricted from using some idea-that-was-going-to-happen-anyway-because-the-time-was-right because another patented it. What is lost in monopolies is more tha…
The above patent in the OP is egregious, and I can't really support it.
To your point, innovation may happen, but the inventor may not get compensated along the way. Patents try to bridge the gap. They are not perfect, but they do seem to work, in my opinion.