My understanding of the Electoral College is -- in part based on discussions we had here in 2016 -- it was set up to ensure that the big states would not dominate the small states when electing a national president. The Presidency being the only office that is elected by voters in
all states.
In that regard it seems to work. I don't think any president has ever won without at least tying his opponent for the number of states won, as Biden did in 2020. Biden won 25 states plus DC; trump won 25 states. Biden won some of the big states and wound up with 306 electoral votes to trump's 232.
It's interesting in looking at the figures -- and Wikipedia has them in an easy-to-use format
Wikipedia 2020 Presidential Election -- exactly how trump fell 38 votes short (of the necessary 270) in the Electoral College. The three states he lost by less than 1% -- Georgia, Arizona and Wisconsin -- would have still left him one vote shy in the EC had he won them. He had to also win Pennsylvania, which he lost by 1.16%.
The 120,000 vote margin in Arizona, Georgia, Pennsylvania and Wisconsin that gave Biden the victory is reminiscent of the 76,000 vote margin trump had over Clinton in 2016 in Michigan, Pennsylvania and Wisconsin. Had Clinton won those states she would have been elected. In 2016 trump lost the popular vote by almost 3 million. In 2020 his losing margin was over 7 million. But because of the way the Electoral College works, each time fewer than 125,000 votes out of the 125-150 million votes cast decided the result.
But the electoral college was set up to ensure that small states would be partners in electing a national chief executive, not essentially irrelevant. That will be very hard to change. If it is put to state referendums, arguing for NO CHANGE will be an easy argument to make in small states. In that regard, little has changed in the past 200 years.