Market bidding takes judgement. Of course in the real world there is another strategy called "negotiation" - where humans get involved instead of your beloved algorithm robots. People do deals, everything else is just order taking.
Given the significant in expansion in the quantum of investment capital, as well as the exponential rise in the number of discrete market participants, over the past two or three decades, there would not be enough office space in the world to accommodate all the "humans negotiating with one another" and the "people doing deals" that would be required to complete all the transactions that are required by all the many market participants today.
I think you are labouring under a bit of a misapprehension that it is still the 1970s.
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