In the old days (back when The Constitution was still in effect) the majority ruled. Now it’s political correctness and affirmative action - that’s how we got a foreign dictator in the oval office.
We were established as a Republic--it was a representational government rather than a direct democratic one, but for the most part, the legislators represented us or got replaced. Now, the legislators have a very high chance of re-election, so they feel less compelled to represent us in their self-interest.
Instead, it is as you say--we have a specialized ruling class that is largely taken by PC and AA, and has little responsiveness to the electorate (or at least that portion that isn't hopelessly dumbed down.)