I'd rather have EC change the way the sensor behaves than do what it does.
If it were possible, we would have variable sensors. But the Quantum Efficiency (the relationship between photons input and electrons output) of any given sensor is fixed, although over the years camera makers have increased the QE of their sensors. But we have the next best thing - the sensor is part of a complex module that incorporates onboard electronic amplifiers to amplify the output from the pixels. That is what happens when you increase the ISO. But there is a limit to how much gain can be achieved. After about a 16x - 32x increase the concurrent increase in noise makes it no longer practical.