Why is the Electoral College defended?

With midterms coming up in the U.S., the age-old topic of the EC being useless is coming back. I've heard responses to the notion that the EC should be abolished with the point that "people in NY, TX and CA would run the country", but if it switches to a popular vote system, I simply don't see how that's true? Everyone's vote would be equal to one another, and currently, couldn't the point be made that a Nebraska vote is worth more than a New Yorkers vote? Is there truth to this idea, or is it more posturing to maintain the status quo?