Most small inventors/innovators don’t benefit. In recent times it’s mostly been good for large companies who can afford to hoard patent portfolios, for defense against other large companies and to crush potential upstarts. Everyone complaining about the smartphone duopoly should look here for a big reason why there are no meaningful competitors.

From the perspective of policy makers, the biggest advantage of the modern patent system was to give US companies a leg up over foreign competitors, as we had the largest patent portfolios, better R&D, and legal frameworks we could use to our advantage. But this no longer works, as our biggest competitor understandably decided this wasn’t a fair bargain and has ignored IP rules to their own benefit. (Why nobody saw this coming is a mystery.) IMHO most patents now harm the economy more than they help.