Yeah. I think it's the best voting system in the world because I've yet to encounter one I think is better but you're right, it's far from perfect.
That said, surplus distribution tends to be the main flaw raised time & time again, & whenever improvements are discussed the general conclusion tends to be that the current distribution mechanism goes a very long way toward fair representation of the actual preference distribution. It's notable that the more computationally intensive alternatives to get "fairer" outcomes are pretty recent inventions & it's really hard to justify the effort given the tiny number of cases affected.
That said, surplus distribution tends to be the main flaw raised time & time again, & whenever improvements are discussed the general conclusion tends to be that the current distribution mechanism goes a very long way toward fair representation of the actual preference distribution. It's notable that the more computationally intensive alternatives to get "fairer" outcomes are pretty recent inventions & it's really hard to justify the effort given the tiny number of cases affected.