'Unequitable' is irrelevant. Notice our Constitution is established for all the people, not just the majority, and reserves most powers to the states.
The benefit of the electoral college is that the president-elect must seek out widespread support, and not just stack up large majorities in certain geographical segments of the country.
But what makes Mike Smith's vote more important if he lives in York, Pennsylvania, than if he lives in Queens?
The same argument could be used to declare the Senate an archaic institution, yet it remains, as it represents a principle that is a cornerstone of the federal system.
Well it's both. Both archaic and a cornerstone of the (archaic) federal system. It's also got the great advantage of being ungerrymanderable by state legislatures.
Federal system archaic? Uh, no.