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It's not 1960 anymore. Sure, early on the EU (well its predecessors) were just France and Germany. But today? The combined population of Germany and France is 150 million. The EU population is 450 million. The most populace country, Germany, represents just 19% of the EU's total population.
For a comparison, in the US, California represents about 12% of the total population, so not that different. And historically, when the US was founded, Virginia contained about 19% of the total US population.
The EU has grown immensely, but its governmental structure reflects an earlier era. Veto powers made sense when everything in the EU other then Germany and France was a rounding error. But the EU has grown so much that France and Germany now occupy a similar position to any number of most-populated states and provinces in countries around the world. One province having 19% of the population is not unusual. Hell, the largest German state has 21% of the German population, and they don't run an internal veto system.
The veto system made sense when Germany and France truly controlled the EU and dominated its population. But as the block has grown, these countries now look more like the most populated provinces or states you find in every country. And their relative influence will only decline further as the EU continues to expand. The EU has grown and matured, and it's time for its government to do so as well.