Earlier quoted context omitted.
A patent is a time-limited monopoly on an invention, so yes, preventing others from making the same thing is exactly what a patent is for. The idea being that during this time, the inventor can either be the sole source of the widget, thus profiting from it directly, or licence it to someone else. Either case means that they get "compensated fairly".
That is not what a patent is for. It may unfortunately currently be legal, but that isn't its true purpose.
> [The Congress shall have Power . . . ] To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries.
Now quoting from the US Patent and Trademark Office at https://www.uspto.gov/patents/basics/essentials#questions
"A U.S. patent gives you, the inventor, the right to “exclude others from making, using, offering for sale, or selling” an invention or “importing” it into the U.S. ... What is granted is not the right to make, use, offer for sale, sell or import the invention, but the right to stop others from doing so. If someone infringes on your patent, you may initiate legal action."