WotC using the term "Race" in 5E is going to have secondary effect on a number of publishers...
I don't think it's going to make much difference for Wizards bottom line (Magic is the main one).
THe only reason it's going to have a noticeable effect is WotC is the 800# gorilla...
One thing that may backfire is that things like the vistani as portrayed: Sure, they're based upon popular imagery of the "Gypsy"... Largely a negative stereotype... which is based upon the Romany, but largely isn't accurate. The two Romany I've known have both enjoyed the presentations for oWoD and Ravenloft. One, in fact, liked WoD: Gypsies so much, he bought me a copy so he could play one in my game.
I do wonder if it's a case of "Since Group A hates being used, Groups B, C, D ... Z must hate it, too" without asking B, C, D, etc...
WotC is trailing Paizo on this.
Technically, so are you... (notes thread about better terms to use).
Also, in ACE:
[q="ACE Playest 1.1"]
- Dwarf. Grumpy, and with a Scottish accent (if you want), you can appraise the value of things with a single glance.
- Elf. You’re very sneaky, and when in natural surroundings, you can be effectively invisible.
[/q]
Elf isn't horrible, but the "Dwarves are Scots" trope is pretty much a reductionist trope.
You did call them species, tho', so you're not too far behind...
I don't think most fantasy games will walk away from the term. Most SciFi will use species as they long have...
Industrial inertia is a powerful factor.