[slunk]

I don't want to participate in this argument except to point out that the sentence is definitely ambiguous for at least some dialects (evidence: people, including myself, are getting different readings of the same sentence). The second reading that you aren't getting should be clear enough from context, so I won't spell it out. If I wanted to be really clear one way or the other, I would say:

1) Disney's new image algorithm turns a 2D photo into a 3D model.

or

2) Disney's new image algorithm turns a group of 2D photos into a 3D model.

If I just wanted to get the meaning of (1) across, I would probably phrase my title exactly how OP did. Definitely (not necessarily intentionally) misleading.