The problem with the electoral college is not that it exists, it's that it's being used improperly as a flawed proxy for the popular vote instead of as it was originally intended, which was to reflect the will of the individual states, not the people. Similarly, Senators were not supposed to be elected by popular vote, but rather by vote of their state legislature. And, of course, the office of the President was not supposed to be nearly as powerful as it is now.
What does this all mean? It adds up to the idea that the states were supposed to be much more powerful in comparison to the Federal government than they are now. Since states are smaller, it's easier for individual citizens to meaningfully interact with their state representatives than their federal ones. If states still had the power the Framers intended for them to have, individuals would have better representation than they do now even without electing the President or Senators.
Corporate interests are allowed to dominate because people feel like their vote doesn't matter. Why doesn't their vote matter? Because all elected offices who's constituency is small enough for them to actually affect don't do anything important enough anymore!