Meh. If +2 to stat is the defining trait of a race, the loss doesn’t mean much.
		
		
	 
I wouldn't say +2 is a minor bonus. But races were usually more than just a bonus like that. In 2E for instance you had ability requirements before you could even choose a race, then you had ability modifiers. On top of that, you had a whole bucket of stuff in the entry. Just taking the halfling as an example: 
Classes available: Cleric, Fighter, Thief, or Fighter/Thief
Langauge selection 
Resistance to magic that translates into saving throw bonus based on Con score 
Resistance to poisons that functions on same principle 
Bonus when using slings 
Bonus to surprise
Potential for infravision 
Stoutblood can discern sloping passages with 75% accuracy 
Strength penalty and dexterity bonus (mentioned both in entry and in racial adjustment table)
Then compare to elves:
Classes available: cleric, fighter, mage, thief, ranger. Fighter/Mage, fighter/thief, fighter/mage/thief, mage/thief
Language selection
90% resistance to sleep and charm
Bonus to bows 
Surprise bonus 
Infravision up to 60 feet 
Detect secret doors 
Dex Bonus, Con penalty 
and so on
People don't have to like all these elements, but I think it is hard to argue they aren't distinct. I do think reducing races to just a single bonus or something really misses the value racial selection in D&D has added. But then making them totally meaningless and just a simple cultural overlay also misses the value. 
	
		
	
	
		
		
			If the only thing that makes your character different from mine is a +1 to hit and damage, then we might as well toss races completely.
		
		
	 
I would not say this is meaningless, but I also agree this shouldn't be the only thing that differentiates races 
	
		
	
	
		
		
			The impact of choosing a race should have pretty much zero to do with mechanics IMO.
		
		
	 
This I would disagree with. Preference obviously, but I like when this kind of choice has mechanical heft in the game