I see you desire war. There will be gnomes going forward.
Seriously though, 5E doesn't give races penalties at all and the two times it did people absolutely tore them to shreds, especially given it was on one of the weakest races at the time in orcs. There is no justifiable reason for a size penalty
5E does give small characters penalties using heavy weapons, which is pretty restrictive overall and prevents some of the best weapons builds.
Small characters also can't grapple or shove large creatures. So there are some penalties.
2024 appears to be doing away with the heavy weapons penalty though.