ERCOT for sure has a lot of blame to bear for this crisis, but the fundamental feature of Texas's power grid is deregulation. We went further and faster than any other state with turning things over to the market. That's on policymakers.
One of the features of the Texas power market is scarcity. It's a feature, not a bug. Scarcity drives up prices, which is good for the industry but not disastrous during a crisis. We saw this play out in 2011 when an ice storm knocked plants offline and led to rolling blackouts.
None of this is new. Here's what one critic said in 2011:

https://www.texastribune.org/2011/12/06/s-david-freeman-tt-interview/
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