Yes, this is precisely why the electoral college exists. Because we are one country, and it's important to listen to the states with fewer people and have their voices be heard.
This time, it failed Democrats and progressives throughout the nation. Reacting brashly and moving to abolish the electoral college would be a step in the wrong direction.
When an election doesn't go our way, the correct way to react is to not change the election system so it now always favors Democrats. It's to fight back within the existing political system that has defined our nation and push for Democratic change in the states where we failed.
That isn't really what the electoral college does. It helps small states in small ways because while the numbers are somewhat proportional they aren't fully. But ultimately the system only gives a voice to a small number of states that go back and forth between Blue and Red. If you don't live in one of those handful of states the Electoral College makes your vote for president meaningless. California isn't going to go Red, most states won't change from being consistently one side. It means that California despite having 12% of the population of the country ultimately doesn't matter to the candidates running. They know California won't actually flip so why bother with it.
It actually probably hurts small states more than it helps. How much time do presidential candidates spend in Montana or Wyoming? It doesn't matter if someone wins the state with 51% or 98%, those additional votes don't matter. In a popular vote system those votes do matter. The difference in popular vote between Bush and Gore was a little over 500k votes. In close races that makes every state and every vote count. How does that not benefit small states more than the vote of only Florida, Pennsylvania, Wisconsin and Michigan mattering? Sure sometimes Ohio is in play, sometimes Nevada could be enough to tip it but on the whole a lot of states are completely disenfranchised by the system. Their problems don't matter to the president because they won't help them get elected.