I found this quote in Louis L’Amour’s book “The Lonesome Gods”:
“Our constitution provides that no law shall forbid us from keeping and bearing arms because of the necessity for a militia. We have a militia of a sort, but our greatest strength lies in the fact that so many of our people not only possess weapons but also understand their use, and above all they are prepared to defend themselves against any sudden attack by an enemy.
“You will remember that we won our freedom because we were armed. We were not a simple peasantry unused to weapons. The men who wrote our Constitution knew our people would be safe as long and they were armed.”
interesting quote
And, in the vernacular of the time of ratification, this is exactly what "well regulated" meant. Practiced, familiar with, and able to use - firearms.