While I approve the spirit of the bill, that would mean merely that the GOP wouldn't have to spend money on electing Senators from NY and CA.
And since the GOP exists merely to collect money and run Rodent-Lite candidates, they would mostly like the idea of cutting out those pesky serfs from getting in their way.
The problem is that in one-party rule, based on massive election fraud like today, it just doesn't matter who the nominees are and how they campaign. The party knows the election outcome in advance.
Let's put it another way.
The Party in Utah drafted Romney to be the Third Senator from Massachusetts. The voters were stupid enough to go along with the idea. The problem is with the stupid voters as much as it is with the corrupt political classes.
But the purpose of the Senate was to represent the states. The people lost faith in that process and the states themselves threw away their representation in the Senate. The movie "Mr. Smith Goes to Washington" demonstrated how the states used to select their senators...by corrupt back room dealings. So they replaced that process with direct elections of senators, eliminating the states' voice in the federal government and creating a monster with two Houses of Commons, which has also not worked.
Clearly it's not the process of selecting the Senators that has failed, but the process of tarring and feathering them when they misbehave that needs amending.