The current best idea of what a float placement algorithm could look like is the xor (extended output routine) package. That's been worked on off or on since before I joined the project in 1992, although it's not really compatible with LaTeX2e (or LaTeX2.09), It only really makes sense to introduce a new output routine as part of a new format since it is an pervasive change affecting all processing of every page of the document however you can read its surrounding documentation for the basic ideas
https://github.com/latex3/latex3/tree/develop/xpackages/xor
Note that the xpackages versions of the code are designed to be run as packages in latex2e, but in the case of xor you can only really do this for test documents it is not likely to be compatible (or stable enough) to be used with real documents and so we don't encourage its general use, unlike stable packages like xparse.