Now, the Human Variant gets choice in choosing where the bonuses go, what Feat and Skill to learn, etc. That is a big deal, but is it really worth everything the Dwarves get beyond the Human Variant? (Notice everything in the blue and red box under the Dwarf column.)
On paper? Not really. In practice, absolutely.
If we take it as a given that a Feat is worth +2 to an ability score, and we directly compare various racial features to Feats that can grant similar bonuses, variant human looks pretty weak. But the reality is, not all Feats are created equal, and the value of a given feature or ability score increase is highly context dependent. The ability to choose any two +1s and any Feat means the variant human can always get the most value out of those options for their specific build, whereas many of the fixed features one might get from race will not be useful to any given character. As well, Feats are a limited resource in very short supply, so you also need to consider the opportunity cost.
Yes, Dwarven Combat Training and +1 Wis is precisely equal to the Weapon Master Feat in terms of pure numerical value, but very few characters would take the Weapon Master Feat over something like Polearm Master or Spell Sniper if given the option. When comparing a race feature to the Variant Human’s free Feat, it is better to compare it to the best possible Feat for a given build, rather than the Feat that most closely replicates the race feature in question.
Likewise, +2 Con and +1 Wis is better than +1 to any two ability scores in terms of total numerical value, but +1 to any two ability scores is better for any character for whom Wisdom and Con aren’t the two most important abilities, and the free Feat can give you another +1 to an ability score if you need it. Sure, a Hill Dwarf might seem like a better Cleric or Druid than a variant human at a glance. But a variant human can get +2 Con +1 Wis as well, by putting their +1s in Con and Wis and taking a Feat that grants +1 Con, such as Resilient (Constitution). Then what you’re really trading that Dwarven Combat Training and Hill Dwarf Toughness for is proficiency in Con saves, which is WELL worth it, especially since a cleric who wants to fight in melee can get martial weapon proficiency from their Domain and a Druid who wants to fight in melee is better off casting Shillelagh or turning into a brown bear than using a battleaxe.
Pretty much, if you can name a class and a race, I can make a variant human that’s as good as or better than that race at being that class. That’s how versatile variant humans are. Other races need that extra value from their race features to make them appealing options next to variant humans.