I also don’t believe at all in these algorithm and tracking stories.
There's a big difference between algorithms, which the airlines use to set prices, and the tracking myths - airlines don't directly increase a fare becuse you've queried it repeatedly, so it doesn't do any good to clear your browser cache.
However, their algorithms may track overall interest in a given route, as a lot of people looking implies that some of them will eventually buy. Google may collect revenue from the airlines by sharing the ongoing price tracking alerts that are configured. As the airlines build more AI into their algorithms, they will get even better at predicting prices, and we may see fewer bargains.
Two current phenomena that may put some downward pressure on prices: the price of oil, which is declining; a decline in Europeans visiting the States, following the drop in travel demand from Canadians to the States. Although if the dollar keeps declining, that would make US travel less expensive for Brits and Europeans. And then a lower dollar could result in more expensive fares from the US on European airlines.
And of course if we enter a global recession...
One observation: Norse has started non-stop service LAX=>Rome, and I'm getting alerts of relatively cheap prices. Although with Norse, the rock bottom price you see isn't what you ultimately pay, after all the add-ons. So competition on popular routes from major markets could keep prices down.