While I think trying to offer a “Protestant” answer is impossible, I will offer you a Lutheran perspective.
We tend to recognize the office of the papacy, particularly as it came to be defined in the period leading up to and through Trent, as emblematic of the anti-Christ. This is based on the perceived use of papal power and authority, abuses of which were spelled out quite well in the Lutheran confessional document entitled, “The Power and Primacy of the Pope.”
In short sketch, Lutherans understand that any person or office which claims complete dictatorial control over the Church of Christ, unconstrained or unjudged by the larger Church or even by the Holy Scriptures, who attempts to wield the Power of the Keys in the secular world and through them to do violence to the simple proclamation of the Gospel of Jesus Christ, is in fact acting in the spirit of anti-christ.
Frankly, Lutherans did not confess that the papacy must always remain in this evil spirit, and we are glad to notice that the Pope no longer arrogates to himself a “divine right” to transfer the kingdoms of the world, nor does he attempt to use his power as universal bishop to kill, torture, or imprison dissenters who prefer a simpler piety and approach to the saving Gospel of Christ. Some Lutherans were happy to walk with the bishop of Rome as the western Patriarch for the good order and discipline of the Church, so long as he would stop raging against our churches and trying to find ways to kill us.
This new spirit of brotherhood in the Christian faith, despite our differences, inspires most Lutherans today to note that the bishop of Rome in our own day is not acting in an anti-christian spirit, and does not really fall fully under the condemnations of the Lutheran Confessions. Of course, this doesn’t mean that we think all his pretentions to his office are legitimate, but so long as he is willing to walk together with us in Christian charity, many of us are willing to do the same.
Grace and peace.