What if?
Hob
• gnome: elemental
• goblin: fey
• halfling: material
The "goblinoids" are fey to some degree.
In reallife folklore, the (helpful) hob and the (harmful) goblin are opposites. The term "hob-goblin" is an oxymoron, referring to a faerie who is a practical joker, thus harmful causing pain but helpful causing laughter.
According to Shakespeare, Puck is a "hobgoblin", thus the jester of the faerie court.
For D&D, the Fey Hobgoblin can have a strong jester and humorous theme, sometimes slapstick (within player tolerance).
But the Material Hobgoblins who entered the Material Plane took on a deadly "military games" culture.
The "Bug-bear" is originally a faerie, a "bogey", who shapechanged into the form of a bear. Altho of fey ancestry it seems mainly material.