That's not what it does and not what it was designed to do.
I've heard that in part it was a logistical thing before electronic communications existed, but I don't know that that really has anything to do with it.
What it does is take some power away from higher population states and gives it to lower population states.
That's a big reason why we have a House and a Senate. Smaller population states didn't want to join a union with larger population states if their power was only related to their populations. So Congressional representation is based on population but Senate representation is set at two per state. The EC votes are equal to the total number of Congressional representatives and Senators your state has. So it gives some extra power to lower population states. That is the purpose.
The question is if that is still beneficial to our society now?