We have a tag fastest-algorithm and we've had it for a while now. Submissions are scored based on the time complexity of the algorithm. This means that the actual implementation has no effect on the score whatsoever (except if, say, actual runtime is used as a tiebreaker).
In particular, we had a challenge this week which explicitly asked for an algorithm, not necessarily with code.
It got such an answer (currently only visible to high-rep users), which promptly received a comment
This is not an answer. You have to post the actual code.
It was subsequently deleted by a mod.
For one thing I don't think it's fair to delete an answer to a question that explicitly doesn't require code. If we don't want to allow that, the question is at fault, not the answer.
But more importantly, do we really require code for such challenges? If so that should be made clear in the tag wiki, and the questions should ask for an example implementation.