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Its simple. It was designed to restrain the Federal Government trampling on the rights of the States that ratified it. It has been twisted beyond recognition. Don't get me wrong. It's better than not having one but it's an example of the dependency of the people to keep government in check.
I'm coming from the anarchist perspective. Lysnader Spooner and many others have written complete books on its failure. The Federal Government was once small and limited but is now incredibly powerful and involved in many aspects of individual lives in ways I imagine the founding generations could not imagine.
You mention it was set up to be updated. 100% but these days that's not even really needed. Just appoint judges that have a bend towards a school of interpretation and you gain the same outcome.
I call that failure.