For ten years, this design team has not really been interested in races/species -- it has always felt like an afterthought, and it has never been well implemented.I think @DEFCON 1 has the right of it here. Species have always been underwhelming in 5e, so these revised versions also being underwhelming is… I mean, it’s not great, but it’s also no significant loss. Species is primarily an aesthetic choice with the equivalent benefits of a few extra spells per day. And that’s fine. Boring, but fine.
At the same time, they tried to do something new and cool in the playtest (Aardlings) and the fanbase rejected it. So they have been disincentivized from putting in the thought to innovation.