There are some older threads here on ENWorld that work out the math in a great amount of detail.
Basically, TWF style handily out-performs GWF style in DPR until 5th level, when the 2nd attack brings GWF up to parity with TWF. (Since the bonus action attack does not scale with action surge or extra attacks.) By the time fighters have 3 attacks, GWF is doing more damage, and by 4 attacks, GWF is doing a lot more damage.
There are some variables, like magic weapons, which can shift things a little bit.
The trade-off, which I believe to be a reasonable one, though I'll admit I've never played a campaign in the teens or above, is that a character focusing on TWF over GWF is focusing on Dex over Str, which is generally considered to be a more beneficial ability. The TWF fighter has better initiative, better AC out of armor, no disadvantage on stealth checks, and better stealth over all, better dexterity saves, better acrobatics (admittedly not as useful as many think — the strength-based athletics comes up way more often in games I've played in), and much better versatility at range.
Anyway, the problem is that DPR is really easy to measure, whereas the rest of what I've listed is much harder to firmly quantify.
The feats add a whole other level, as the Dual Wielder feat doesn't have the same "slightly ridiculous damage machine" mechanic provided by Great Weapon Master or Sharpshooter. (On the other hand, being able to wear light armor and have an identical AC to somebody in plate armor is nothing to scoff at.)
---EDIT---
Again, this is really only a major issue for high level fighters. Rangers, who I don't think ever get more than 2 attacks, can stay in the sweet spot of TWF, especially when spells like Hunter's Mark come into play. 3x Hunter's Mark is better than 2x. On the other hand, the Archery style is so good, especially if you have the Sharpshoot feat, which negates cover, the only thing that really keeps ranged characters in check.