The three drawbacks of the original TCP algorithm were the window size (the maximum value is just too small for today's speeds), poor handling of missing packets (addressed by extensions such as selective-ACK), and the fact that it only manages one stream at a time, and some applications want multiple streams that don't block each other. You could use multiple TCP connections, but that adds its own overhead, so SCTP and QUIC were designed to address those issues.

The congestion control algorithm is not part of the on-the-wire protocol, it's just some code on each side of the connection that decides when to (re)send packets to make the best use of the available bandwidth. Anything that implements a reliable stream on top of datagrams needs to implement such an algorithm. The original ones (Reno, Vegas, etc) were very simple but already did a good job, although back then network equipment didn't have large buffers. A lot of research is going into making better algorithms that handle large buffers, large roundtrip times, varying bandwidth needs and also being fair when multiple connections share the same bandwidth.