There is a <player being type formerly called a race> at the bottom of this hypothetical slope, yes.
It has no meaningful name: Type.
It has no meaningful size: Small or Medium
It has no meaningful culture.
It has no meaningful language.
It has no fixed biological attributes (ASI).
It has no default special rules, you select them.
It has no default physical appearance, the player defines it.
And if they are later bored, these things can be changed at the whim of the player.
Thats whats at the bottom of this hypothetical slope. We can call it Schmorp.
Indeed, we can. I am glad you're embracing the Light!
Also, I agree that it will be bland. But it is the best outcome for WotC to deflect criticism. "Risk" will be taken by setting designers, where they can introduce biological features (in this world, Dwarves are stouter than every other groups of being, because on top of all the things anyone can do to improve his stamina, they are blessed with +2 CON by their creator gods), cultural traits (in this world, the only remaining group of dwarves is part of the Undermoutain culture. That doesn't mean there can't be another culture, it's just that there is no other grouping of dwarves in the known world of Gzart.... or even "in this world, orcs are a elf-and-man eating species, that does't make them evil, but they need to eat a human or elf each year to metabolize a substance necessary to their life, so the most savage hunt, the most compasionnate farm humans and provide them with a merciful death, some even choose to eat humans as seldom as they can while other just say "I don't give a damn, I'll eat an elf a day, it keeps the doctor away"... without any bearing on their morality as a group of course! and so on).
This way, they'll distance themselves from criticism and people not enjoying a specific setting can just play another one.