Its an MMO, and you should be able to play the race you like best without feeling buyers remorse. Its your character and your mog after all.
There are 3 options here.
All racials are removed from PVP/PVE and everyone is free to play what they like
Racials are borderline useless/flavor and everyone is is free to play what they like without concern.
Racials play a much stronger role and all racials are on orc/human/nelf power levels for every race and allied race and some are situationally stronger then others but all of them remain very competitive and desirable for PVE/PVP. This option would prob be the preferred by both PVE/PVP but will lead to constant posts like we see now if all racials arent competing with nelf/human/orc power levels
Now is the time more than ever to remove racially tied player power. Everyone is the “meta” race and won’t even think about race changing until the meta changes. Removing racial power just lets people race change to whichever race they prefer and not be gimped.