It's working exactly as designed, striking a balance of power between the states. It's a concept we have in the congress, population based representation in one house and equal state based representation in the other. Without the electoral college the president would effectively be chosen by only a handful of states. The college ensures that all of the states have at least some effective say in the matter.
Even with the electoral college, the President is being chosen by a "handful of states." Specifically, the three "Swing" states which put Trump over the top. Even worse, the outcome of the entire country's future leadership is based on less than 10,000 people in one state, less that 20,000 in another, and less than 35,000 in a third--a total of far under 100,000 votes in a nation where more than 120 million votes were cast. This is, more or less... a rounding error... A number of votes that could be cast (or not cast) if it rains on election day.
And second of all, the original "Balance of power" the electoral college was created to preserve was between free and slave states. Specifically, southerners would not have adopted the constitution if they thought that higher population northern states would have been able to control the congress, and the presidency, by virtue of their greater numbers. So they came up with the 3/5 compromise (that allowed slave states to count 60% of their slaves for the purpose of calculating their congressional representation, and by proxy, their electoral college representation,) and kludged it onto the electoral college to "protect" their interests in the Presidency.
Setting aside whether or not the electoral college is, in and of itself "racist," (I don't think it is anymore, although it was conceived as such) the real issue I have with it is that it's an anachronism that isn't necessary. Because the other justification for it is that rural areas in 1797 didn't have very good communications with the outside world, and might be enticed to accidentally vote for a dangerous tyrant that they were unaware was a dangerous tyrant.
So bottom line, slavery is defunct, so we no longer need to appease slave states, and today, rural states have access to the Internet and full communications parity with the rest of the world. Which means there's no more justification for the continued existence of the Electoral College.