As opposed to election by national popular-vote.
None of the conventional arguments strike me as persuasive. But conventional or unconventional, line 'em up.
There absolutely is.
It forces the candidates to pay attention at States other than coastal States.
It was the States that created the Federal government, and they made sure that every States would have a voice in the selection of the head of the executive.
Without an electoral college, Presidents would be elected by voters from California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Michigan, Georgia, and maybe North Carolina and New Jersey in every election.