I don't mind it as long as the setting is "big" enough for it. Something like Planescape or Spelljammer has plenty of room for dozens of races. Problem in more traditional settings is that you have the dozens of PC races, and then the dozens of humanoid monsters-- races in their own right-- and on and on and on.
Fair enough. My games typically assume, at most, a Greyhawk/Flanaess size setting. I would have far less heartburn with a creature cantina that was actually located at a galactic/transplanar crossroads like Mos Eisley. I also prefer a human-centric game and feel that D&D is best served by being such, just as the central characters is Star Wars were overwhelmingly human, despite having significant numbers of aliens.
Think like Pathfinder's Advanced Player's Guide and the alternate racial features, but moreso. Instead of having 'elf' and 'eladrin', or 'hill dwarf' and 'mountain dwarf'... you have 'elf' with one set of racial features, and dwarf with one set of racial features, that are still part of the same greater Elven and Dwarven races and thus take up less conceptual space than multiple Elven and Dwarven subraces.
I could get behind this. I think 4e had stat bonuses that were obscenely high, but the package notion sounds good. I remember discussion leading up to 4e where they talked about race being meaningful and having fairly significant feat trees to make you more "dwarven". There was a nod to it, but that never really panned out.
If 5e was structured such that each race (maybe even just a couple in the PHB) had a couple of options presented. For instance, elves are elves, but the "high elf" package gets a +1 dex, -1 con, and a bonus with long swords and bows; while the "grey elf" package gets a +1 int, -1 con, and a couple cantrips. Once the pattern/mechanic is established, it wouldn't be that hard to add new options, either via explicit modules ("Complete Book of Dwarves"), setting books (Valinar get +1 dex, -1 wis, a bonus on scimitar/double scimitar, and a bonus to horsemanship), or just an article in Dragon ("Ecology of the Garden Gnome").
Of course, that's an awful lot like how I would like to see class themes work, too. But those are just feat groups.