The act says what it says. The way the EPA was stretching the definition thin - even patches of dry ground were being considered wetlands if they determined it was an important enough part of a watershed.
The agency largely got to choose their jurisdiction arbitrarily - and because their activities happened on a federal level, there was almost no political recourse if you thought you had been wronged by the agency.
If we want EPA to have the authority to protect aquifers, it would be better to focus on fixing the language of the bill. But I think even outside of our current political climate, not even many progressive politicians are too excited to hand the power back to a federal agency that largely only pestered their constituencies.