Earlier quoted context omitted.
These algorithms are not human readable code. They are massively complex interconnected systems of many black box ML models. I don't understand what clarity people think releasing the "algorithms" will bring. In fact, describing ranking as a single algorithm is pretty misleading.
I also believe any algorithm that isn't human-readable should be banned. If it can't be understood, nobody can validate that it isn't racist, sexist, or slanted towards encouraging violence and harm. The fact that technology companies have been grossly negligent and irresponsible isn't a reason to not regulate them: It's proof regulation needs to be much, much stronger.
Explainable models do not preclude the systemic problems you highlight. Plenty of systems before the advent of non-explanatory ML models had those defects. One option is to define test and validation sets and encourage 3P validation, somewhat like how accreditation works in other contexts.