Equalization was never meant to subsidize large, populous and wealthy provinces like Quebec. It was meant to make sure places like PEI or NB had comparable core services because those places with low populations and low economic power couldn't do it to a comparable level as provinces such as AB, Ont, Que, and BC.
The present formula (which isn't enshrined in the constitution) allows the federal government to plunder Alberta to buy votes in Quebec.
If the provinces were negotiating confederation with the present day arrangements, there is no way any sensible Alberta government would agree to join.