Regulated Militia means what, again?

Way back in 2015, I posed this question about this meme:

When they said "regulated militia," weren't they referring to what has essentially become the National Guard?

I want to pose that again, because I will likely get a different perspective, now after a year of President Trump (barf in my mouth), and I'm really curious what people know and think about the question, especially under Trump's New World Order.