Let's see if I can use some personal anecdotes to get my point across better.
Some time ago, I was a player in a Hoard of the Dragon Queen campaign. So, I made a dragonborn character, thinking that, well, in that campaign, that would make quite a lot of sense. So, I did my due diligence as a player and hit up the FR wikis and some source books to build a background for my character. And, there was basically nothing as far as the Sword Coast is concerned.
So, I created the idea that my parents were adventurers, had made it to the Sword Coast before retiring and settling down with a family in a nice farm outside of Greenest. Now, again, this isn't impossible or even implausible really, but, it was completely generic. I could have plonked this background down in any setting (or nearly any setting) and not had to change at thing other than a couple of proper nouns. IOW, there was absolutely nothing that made this character or this background a "Forgotten Realms" character.
Later on, I played in a Decent into Avernus campign. So, again, I hit up the wiki. This time I played a Thayan priest of Kossuth who was raised in the Thayan Enclave in Baldur's Gate. I had connections to the named NPC's in the setting, I had a history, I had a goal built in with the Thayan diaspora. This was a quintessentially Forgotten Realms character. I couldn't plonk this character down into another setting without pretty much entirely rewriting his entire background.
THAT'S what you get when you have species that are actually tied into a setting. That's what I expect for every single PHB race when played in a given setting. If I am playing a standard option from the PHB in a WotC setting, I don't think it's too much to expect that I could build a character that is actually tied into that setting. I shouldn't be forced to play Father Generic the Cleric just because I happened to pick a species from the PHB to play in a setting.
Being able to create characters that are tied to the setting when choosing bog standard PHB races should be the bare minimum of any setting which allows for PHB races. Since that's not actually true, then having a 2024 D&D setting built from the ground up that incorporates bog standard PHB options isn't a terrible idea.