No, it overweights the opinions of voters in low-population states.
Sure, California voters are underrepresented compared to Wyoming voters, but California has about ten times as many people living in rural areas as Wyoming has people in total; Rhode Island is nearly as overrepresented as Wyoming, but nearly as urban as California.
I think the problem with rural areas is not their overly great political influence but rather the fact that they have been abandoned by mainstream politicians.
Lets them participate in the game? They could still participate if they had an equal voice. Their weight on the national stage wouldn't be huge, since they're only 15% of the population, but getting 15% of the voice for 15% of the population seems fair to me. The rural population is similar in size to the black population. Should we give black people a disproportionate vote so they can better participate on the national stage?
Don't forget our ridiculous Congressional system that greatly over-weights the opinions of rural voters. California has 80 times the number of people as Wyoming, yet they both get two seats in the Senate and 1/53rd the number of representatives in the House.