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And they won't let go of it because the Electoral College keeps the wealthy in power.
This is such a lazy, circle jerk answer. And also patently wrong because both parties have wealthy interests, and one would love to get rid of the EC because it would give them more power.
The answer is much more obvious: it would require a constitutional amendment which would require a bunch of states and representatives voting to dilute their power and the power of the people they represent when it comes to choosing the POTUS.
The National Popular Vote movement is a shortcut around the need for a constitutional amendment. States that sign on to it change their EC allocation process so that their state's votes go to the winner of the national vote -- but it only kicks in when enough states sign on to constitute a majority of EC votes.
IIRC it has passed in enough states to be just over 200 EC votes, but getting the last 70 will be a tough process. Still, it is an easier lift than an amendment. And maybe if it ever passes and makes the EC irrelevant there might be more momentum around the amendment to get rid of it altogether.
As loathe as I am to use a BS argument...
Both Sides are wealthy. ;)