Bush was the 4th president (and the first since the 19th century) to win while not winning the popular vote. But the reason for the EC 200+ years ago is still germaine today. It was a bone thrown to the small states so that they could have a voice in the direction of the country. And indeed, that is why it is still needed.
There are 2 major problems with electing a president by popular vote, one forseen by the founding fathers, and one shown to us by AL Gore. First is that if a president was only elected by popular vote, the small states would never see a candidate for office. Yet in the last 2 elections, states such as WV, NM, and IA were heavily campaigned as they were seen as swing states, even though they only had a handful of EC votes.
The second problem is that recounting 150m votes is unfeasible. Yet Al Gore beat Bush in the popular total by what amounts to less than 1/2 percentage points. So there was no need to recount 95% of those votes since only Florida (and actually NM - but that one is rarely talked about) were close enough for a recount.
But the reason the EC is not going to go away is that it would take a constitutional amendment. And there are a lot more small states (if we use 10 as a cut off - about 37) than large ones, and they would need 37 states to go along with it.