Not always, some states will split their electoral college votes. But it's essentially a kind of FPTP system. Personally, I think that's important, because it toes candidates to a specific set of people and a specific place, rather than an abstract set of voters. Whether a president, or congressman, or senator is a Democrat or Republican, they are meant to represent the best interests of all of their constituents in the place they live. Not just those who voted for them.
Yes, it doesn't totally negate population, nor should it, it is meant to be a balance.
I wouldn't underestimate it though. Hilary Clinton lost because she was an idiot in her campaign and neglected the industrial heartland states, thinking they weren't important. Frankly, she deserved to lose for that. She made it clear she didn't give a shit about those people in everything she did and said, and lost what were traditionally Democratic votes.
In any case, you can't just change it, any more than the EU can decide to change things so the individual member nations have less say. That would be a huge overstep.