It was a compromise but not between the Senate and House. Otherwise they wouldn't have involved the people and states at all. It was a compromise between the House and a popular election. Between Congress and the President being too close and a democratic mob running things. It was also part of their idea that land ownership mattered.
But nothing in the Constitution requires us to remain tied to the land and the house was supposed to keep expanding. It expanded slower and slower over time though until it straight up stopped expanding in the 1930's. Representation in the house was supposed to be far more personal, you were supposed to be able to sit down and talk with your rep.
That's why the EC has started diverging from the popular ballot. We're too big for the current cap on representatives to effectively represent. With the original ratio we'd have around 10,000 members of Congress. Even a tenth of that would go a long way to restoring the electoral system and breaking the power dynamics in Congress that favor mega donors.