There is no reason to abolish it, unless you prefer majority rule.
However, if you want a true republic and protection against the problems of majority rule, then you might want to potentially change it, but not abolish it.
The FEE argument, if assumed to be self-consistent, works even better as an argument against a status quo that systematically favors a minority party over a (popular) majority party.
If the goal is balancing power between political parties, then the presidency should certainly be a popular vote or else the house and senate should be substantially reformed.
As it stands, we have minority rule in nearly every branch of federal government.