tl;dr Both metric completion and taking algebraic closure are (generalized) closure operators.
Harry Barber has mentioned that
Metric completion and algebraic closure kinda feel the same until you dig in and realise they share no properties.
(Thanks Harry for redirecting me to this question)
This makes me wonder why they look the same in the first place. Existing answers focus on explaining their differences. Therefore, my answer will only explain why they look the same.
Wikipedia suggests there's something called a closure operator. However, the definition given is too restrictive. (Our domain and codomain are proper class instead of set. Also, subset and equality are too strong.) Therefore, we tweak the given definition to make it better suit our purposes:
A (generalized) closure operator on a concrete category $\mathscr{C}$ is defined to be a mapping $\operatorname{cl}: \mathscr{C} \to \mathscr{C}$ satisfying:
$$X \hookrightarrow \operatorname{cl}(X) \tag{extensive}$$
$$X \hookrightarrow Y \implies \operatorname{cl}(X) \hookrightarrow \operatorname{cl}(Y) \tag{increasing}$$
$$\operatorname{cl}(\operatorname{cl}(X)) \cong \operatorname{cl}(X) \tag{idempotent}$$
for each $X, Y \in \mathscr{C}$ where $\hookrightarrow$ denotes $``\text{embeds into}"$ and $\cong$ denotes $``\text{is isomorphic to}"$.
Now we claim that metric completion is a closure operator on the category of isometries (with metric spaces as objects) and taking algebraic closure is a closure operator on the category of fields (with ring homomorphism as maps). Before proceeding, recall that in both categories, all maps are injective, so no checking is required.
Proof (taking algebraic closure)
Extensivity follows from algebraic closure being an algebraic extension of the original field.
Idempotency holds because an algebraically closed field has no proper algebraic extension. Therefore, an algebraic closure of an algebraically closed field is forced to be isomorphic to itself.
To see that taking algebraic closure is increasing, suppose $K \hookrightarrow L$. Then $K \hookrightarrow \overline{L}$ by composition of extension. Now $\{\alpha \in \overline{L} \mid \alpha \text{ is algebraic over } K\}$ is an algebraic closure over $K$. Therefore, $\overline{K} \cong \{\alpha \in \overline{L} \mid \alpha \text{ is algebraic over } K\} \subseteq \overline{L}$.
$$\tag*{$\square$}$$
Proof (metric completion)
To show extensivity, consider the map $r \mapsto [(r)]$ which takes $r \in M$ to the equivalent class of the constant sequence $(r) \in \overline{M}$. This is an isometry because $$d([(r)], [(s)]) = \lim_n d(r, s) = d(r, s)$$
For idempotency, it suffices to show the map $r \mapsto [(r)]$ is surjective when $M$ is complete. Take any $[(r_n)] \in \overline{M}$. By completeness of $M$, $(r_n) \to r$ for some $r \in M$. This shows $r \mapsto [(r)] = [(r_n)]$.
To see metric completion is increasing, note that the map $\phi: M \to N$ induces another map $\overline{\phi}: \overline{M} \to \overline{N}$ via $[(r_n)] \mapsto [(\phi(r_n))]$. Suppose $(r_n), (s_n) \in [(r_n)]$. Then $$d([(r_n)], [(s_n)]) = 0 \implies \lim_n d(r_n, s_n) = 0$$ and $$\begin{align}
d([(\phi(r_n))], [(\phi(s_n))]) &= \lim_n d(\phi(r_n), \phi(s_n)) \\
&= \lim_n d(r_n, s_n)
\end{align}$$
since $\phi$ is an isometry. Hence $$d([(\phi(r_n))], [(\phi(s_n))]) = 0 \implies [(\phi(r_n))] = [(\phi(s_n))]$$ This shows $\overline{\phi}$ is well-defined. To see $\overline{\phi}$ is an isometry. Note that
$$\begin{align}
d([(\phi(r_n))], [(\phi(s_n))]) &= \lim_n d(\phi(r_n), \phi(s_n)) \\
&= \lim_n d(r_n, s_n) \\
&= d([r_n], [s_n])
\end{align}$$
using the fact that $\phi$ is an isometry.
$$\tag*{$\square$}$$