Getting the equivalent of a weak feat on top of all the great benefits a Wood Elf normally gets is still getting a clear benefit. Sure, it's not as intensely potent as "get for free your choice of the best feats in the game," but it's something as opposed to the nothing that Dragonborn get. The list of Dragonborn racial features quite literally starts and stops at "breath weapon and resistance." And you cannot tell me that "resistance to one element of choice and a terribly-scaling breath weapon 1/rest" is equivalent to the pile of things elves get AND an admittedly mediocre feat used to its maximum benefit (thieves tools, disguise kit, and herbalism kit DO actually have practical uses, after all). For God's sake, at least Tieflings got darkvision.
(The irony, of course, is that the devs massively over-valued spell-equivalents on racial features and under-valued passive always-on benefits, and did exactly the reverse with passive always-on class benefits vs. spell-slot-based abilities. The breath weapon is a 1/rest poor man's burning hands, just with the possibility of other elements besides fire, while the elemental resistance would be much better than protection from energy....it just doesn't let you pick which element, which makes it nowhere near as good. Meanwhile, it literally takes 7+ typical-length combats--as in, 28 rounds of combat or more per day, with at least two short rests along the way--for the Champion to actually keep up with Battlemaster damage, to say nothing of a judicious Paladin's Divine Smite damage.)