TwoSix
Everyone's literal second-favorite poster
I'm personally a fan of lowering the point buy amount slightly, but having each race either give a +1 bonus or set a minimum stat floor. Like a High Elf would get a +1 to Int or Dex, or those stats are automatically set to 13 if they are less than 13.For me the race minimums are important.
An Orc should feel tough and brutish, and be naturally good at tough brutish classes.
If an Orc was fragile, it would feel abnormal, atypical.
If the races fail to feel different from each other. Then I would prefer to remove race from D&D. In that case, I would make it more like superhero games where race is an afterthought that a player may or may not want for flavor, after deciding what the hero can do.
That way, it gives you more of an incentive to play races off-type (since you get higher overall bonuses), but you can't do that AND get a starting 16.