I say keep it, for a few reasons. The first is that it’s tradition. We’ve had it since the beginning, and it’s part of what makes the country what it is.
Second, the electoral college system (and the Senate) means that the government has to at least pretend to care about issues affecting rural people and rural areas. Get rid of it, and politicians are going to spend a lot of time dealing with stuff that affects big city dwellers, but not very much time worrying about issues that don’t, which is fine if you live in New York City, but not so much if you live in Boise, Cheyenne or Montpelier.
Finally, even though this is farfetched and will probably never happen, it provides a safeguard. In the most prosaic sense, if a candidate dies between election day and the day the college votes, there’s a nice and easy way to deal with that. I could probably come up with more fantastic scenarios regarding some demagogue winning popular support and the electoral college being the only thing stopping him from becoming President, but, while it would be fun to write, it’s not too likely to happen.
Like so much that’s confusing about American government, it’s the result of a compromise. When the Constitution was being written, there were those delegates who said, “The President should be picked by popular vote. We’re a Republic who fought for the right to choose our own leaders.” Then the other side said, “Please, have you SEEN some of the population? They can’t be trusted to decide what to have for dinner. Let Congress choose the President.” So somebody said “Look, lets just have each state choose electors, based on their population, to decide who should be President, and however the states want to pick the electors, that’s fine. If a majority of electors can’t come up with one person, Congress will just do it. That sound good to everyone?”, and the rest of the Convention came back with, “Eh, ok.”, “Sounds good”, and “What about my plan of having candidates fight to the death?”. So, they came up with a compromise that everyone could agree with, except of course for Rufus King, who was even more miffed when they turned down his idea for a third House of Congress to be called, “The House of Slaughter.”
Anyway, that story is mostly true, except for the parts about Rufus King being an inhuman monster who loved blood sports. He was actually a humble, intelligent and peaceful man who was committed to diplomacy during his time as Ambassador to Great Britain and a fierce and tireless opponent of slavery and advocate for independence of the colonies of Central and South America.