You're really underestimating that feat. Being able to start with one is huge--that feat is usually comparable to an entire suite of racial powers, and most of them come with an additional attribute which means the variant human can start with +2 on the stat of their choice, +1 on another good stat.
Most races in the game get:
+2 main stat, +1 second stat, skill, suite of abilities.
Variant humans can get:
+2 main stat, +1 second stat, skill, suite of abilities.
Some feats obviously don't compare as well, but that's not the fault of the variant human.
Half-elves might get that extra point in an off-stat, but the suite of abilities they get are.... not so exciting. They don't compare to the raw power a feat gives.
I'm with [MENTION=73113]Drudenfusz[/MENTION] on this one... not a big an of the feat.
I find the feat only of any true value if you were planning to play a low-level one-shot game of some sort. I will of course concede that a few feats are really nice, but others are either lackluster or just plain not good.
I think the biggest problem comes into play in looking at the game at level 4 and beyond for the human. If at any level the human takes stats instead of another feat, they basically can then look at +2 stat points against the "suite of abilities" presented by other races.
For example a human who took stats at level 4 would have:
1 feat, 1 skill, and 4 stat points (2 from starting race and 2@lvl 4)
By comparison, an elf at level 4 would have:
1 feat, perception skill, long life (not a big deal in most games), Darkvision, fey ancestry, trance, +2 dex
So already we're about on par between human and elf, with 2 stat points vs Darkvision, fey resistance, and trance... (Darkvision and Trance being amazing abilities while fey resistance is more situational).
but then we add a subrace to the mix where the elf then gets: +1 Int, Elven weapons, a Wizard Cantrip, and an Extra language
or +1 Wis, Elven weapons, +5 move speed, and Mask of the wild
So by the end of adding high elf or wood elf the human is only ahead 1 stat point (but does choose where all 4 go) vs the elves above and their arrays of abilities.
Granted, some racial abilities become less important as you get higher in levels, but things like always being fully aware every shift of watch plus automatically having perception is always going to be useful.
I'll also cede that a human may take another feat at 4th level to combo something up and hold a strong advantage with some choice maximization early on... and if you aren't playing a longer term campaign it is likely a good frontloaded option. Besides, even at high levels some of those racial abilities can have big implications, especially if you have a whole party trying to sneak around in the dark / underground at any point in your adventuring careers.