FDR kind of fucked it up, and from then on every subsequent president added to the enshitification of the office by expanding its powers. But yes it is inherently an oligarchy, but I do not think that is inherently a bad thing. The intentions were good.
Yeah because they feared the masses were too stupid to participate in democracy. More than once they describe how a popular mob would end up electing a man exactly like Trump. I would say these elections have vindicated them, although there’s no reason why it wouldn’t have worked with more participation, that’s what the electoral college is for. But the problem is that the electoral college is not working the way it’s supposed to: they are not supposed to vote for whom the people want, they are supposed to deliberate between them and elect the best candidate.