Horwath
Legend
It exist because we HAVE to have halflings(hobbits) in the game, because reasons.Honestly, I kind of wonder why small size exists at this point. On the grid people don't even use different base sizes for small and medium. It was purely the rules which made them different, and now those are gradually being phased out it may as well go from tiny to medium.
Core races should be: human, elf, dwarf, orc
Uncommon can have gnomes and halflings,
But it should be said clearly that playing small races have some advantages, but that disadvantages are also present, especially in weapon usage.
IMHO; 3E had good solution, light weapon should be one handed, and one handed becomes two handed for small characters. They cannot wield 2Handed weapons.
or just make whole set of weapons "small sized" with 1 or 2 step reduction in damage die.
possible advantages for a small race, they are athletic and agile.
Pick Athletics, Arcrobatics or Stealth, you have proficiency and expertise in that skill.