Building a model for predicting the ultimate winner of a US presidential election is particularly difficult, because you are dealing with noisy input data and nonlinear effects, i.e. just a few thousand votes in a few key states can completely flip the outcome. If you then have poorly calibrated polls with a large margin of error, there is really nothing much you can do.
On the other hand, it does raise the question how valuable the 538 models for something like this really are if the outcome is a coin flip anyway.