I wonder how much of the "polls were wrong" narrative is due two specific issues: Miami-Dade county being surprisingly pro-Trump and the pandemic leading to more mail ballots and slower counting. That helped establish a narrative early on election night which caused that action on the prediction markets. However if you told someone three weeks ago that Biden would win 306 electoral votes and win the popular vote by some 7 million votes, which seems to be where we will end up, would they think there was any sizable systemic failure? I would guess they wouldn't.