It shouldn’t be that big of a deal. The Variant Human gets only 2 points for abilities whereas most races get 3 and some get 4, and every other race gets all kinds of goodies, like Darkvision, free Magic, Elemental Breath, free skills, sometimes even new ways to calculate armor.
Variant Human gets 2 ability points, a skill and a feat. In my opinion, it puts them on par with some of the other races, not necessarily above them. The only difference is that V Humans can choose their Feat, so they have flexibility. But I mean, compare it to an elf.
3 points added to abilities - Variant Humans get 2
Free perception - cancels out the free skill (since Perception will likely be the free skill choice)
Darkvision - no equivalent
Fey Ancestry - no equivalent
Lives 700 years - no equivalent
Trance - no equivalent
And the sub races:
High Elf:
Free weapon proficiencies
Free Cantrip
Free Language
Wood Elf
Free weapon proficiencies
Higher speed
Mask of the wild
Dark elf
Better Darkvision/sunlight sinsitivity
Free weapon profs
Lots of magic
The sub races themselves are probably equal to a feat. Heck, the free weapon proficiencies are like the Weapon Master Feat by themselves, you just don’t get to pick. Draw magic is arguably better than Magic Initiative, except you don’t get to pick your spells. So the subraces plus the race gets way more than a Variant Human does, the only difference is the Variant Human gets to pick what they want.