It's the only thing that keeps the states in the middle of the country relevant in terms of selecting a president.
The only reason anyone wants to get rid of it is because they see that Dems have won the popular vote for a number of years (thanks to more people moving to cities).
It's obviously short-sighted to do away with it, because in 12 years when the popular vote shifts the other way, Dems will be screaming to put the electoral college back in place and Rs will be saying 'no you wanted it this way.' meanwhile the Iowans, Hoosiers and Nebraskans of the world are totally forgotten and ignored. You think you have terrible options now, just wait until you have terrible options who don't even have to pretend to care about what you want.