D&D 5E - Does Magic Initiate need changing?

Magic initiate was the first "get some magic" feat, in the phb. Even then it wasn't seen as very strong - taking a subclass with magic, or a small dip, was often seen as better. But still it was a fun and useful feat, and I used it a lot as a GM to give NPCs a little magical something.

Since then, a lot of new feats have been published that give players access to magic, notably the "half-feat" fey touched, which doesn't give you a cantrip but does give you a first and a second level spell AND +1 to one "casting" stat. I feel like magic initiate has essentially been replaced by these superior spell-granting "half feats", published later.

Should it be changed (perhaps in "5.5") so that magic initiate would be either a half feat or perhaps slightly buffed?