New racials

Because racial perks shouldn't be the reason people pick a certain race over another, but style. And if the racials do offer some kind of ingame advantage, they shouldn't give people an edge when it comes to PvP or progressing. Here is how racials actually could look like to avoid this:

The racials are divided into three groups: Professions, perks, and visual.

• Perks (P)are exactly that. They're useful, but not gamebreakingly so. They work only out of combat (passive skills are disabled once in combat) if not mentioned otherwise and can't be used in BGs, RBGs, arenas or M+ dungeons.·         
• Visuals (V) are cosmetic only.

Humans

• Diplomacy (P): Faction gain increases by 10%.

Dwarves

• Archeologist (P): Dwarves get twice the amount of items out of archeological activities.
• Stoneform (V): Dwarves get a stone-like skin for up to (level=seconds). 15 min cooldown.

Gnomes

• Nimble fingers (P): Being hyperactive and quite productive, Gnomes only need 50% casting time when gathering materials or crafting items.
•  Hide (P): Usable in combat. A Gnome who isn’t the target of a creature or another player can hide, turning invisible. Moving or having somone hostile entering a 5yd-radius breaks this effect. 10 min CD. 

Night Elves

• Wisp (P): A special spirit form granting +50% movement speed instead of 25% (stacks with other bonuses). Furthermore, when entering an instance, they can chose to stay in wisp form instead of automatically resurrecting.
• Shadowmeld (P): Usable in combat. A Night Elf who's not the target of a creature or another player can shadowmeld, turning invisible. Moving or having someone hostile approaching within 5yd breaks this effect. 10 min CD.

Worgen

• Running Wild (P): Worgen have a +15% running speed while on foot and can chose to drop to all fours, which provides a speed increase equivalent to a ground mount.
•  Aberration (P): Neutral beasts or critters of up to the player's level +2 automatically try to avoid him, i.e. keeping a distance of at least 10 yd unless attacked.
• Feast (P): A Worgen can feast on dead creatures of the beast type, regenerating to full health within 10s.
• Transform (V): A Worgen can transform into a Human as long as he’s out of combat. Nullifies all perks.

Draenei

• Gift of the Naaru (P): Healing themselves or a comrade to full health over 15s. 3min CD.
• Blessing of the Naaru (P): Instead of releasing the spirit after dying, a Draenei can opt to be resurrected on the spot instead. 15 minutes CD.
• Halo (V): Draenei can activate a halo for up to (level=seconds)

Orcs

•  Fearsome presence (P): Neutral creatures of up to the player's level won't attack if accidentally hit by AoE effects, but will opt to flee instead. The same applies to hostile creatures up to the player's level -20.
• Bloodrage (V): The infamous orcish bloodrage - while in combat, the Orc grows by 10% in size and gets fiery red eyes.

Tauren

• Plainsrunning (P): Tauren have a +15% running speed while on foot and can chose to go into travel stance, which provides a speed increase equivalent to a ground mount.
• Impressive (P): The sheer size of a Tauren makes hostile creatures avoid them unless engaged: Tauren have the aggro range of a character 5 levels higher.

Trolls

• Passive regeneration (P): Out of combat, Trolls regenerate 3% of their health every second at all times.
• Regenerate (P): Instead of releasing the spirit after dying, Trolls can opt to regenerate their wounds and be resurrected on the spot instead. 15 minutes CD.

Undead

• Cannibalize (P): An Undead can feast on dead creatures of the humanoid type, regenerating to full health within 10s.
• Rise from the Dead (P): Instead of releasing the spirit after dying, Undead can opt to rise again and be resurrected on the spot instead. 15 minutes CD.
• Aberration (P): Neutral beasts or critters of up to the player's level +2 automatically try to avoid him, i.e. keeping a distance of at least 10 yd unless attacked.

Blood Elves

• Arcane torrent (P): Immediately after slaying an enemy that uses mana or is of the demon creature type AND getting out of combat, a Blood Elf gains 20% mana, 20 rage (without rage decay for 15s), 2 depleted runes, or 40 energy/focus. Furthermore, all running cooldowns are accelerated by 15s.
• Magic Addiction (V): When fighting an enemy that uses mana or is of the demon creature type, Blood Elves grow 10% in size and get fiery green eyes.

Goblins

• Discount (P): Goblins get the usual 10% discount.
• Sneaky (P): Goblins can go into stealth for up to 30s, moving at 50% movement speed. Attacking or getting into 15yd of another creature or player breaks the stealth. (have to think of something else for Rogues, though)

Pandaren

• Great Cook (P): Pandaren always prepare twice the amount of each dish when cooking. 
• Gourmet (P): Well fed-effects last 50% longer.

Of course, that wouldn't be a conclusive list. Some of them are admittedly rather lackluster, and some races got the short end of the stick and would need more love in that regard (Pandaren, Humans or Dwarves for example). But nevertheless for balance reasons, stuff like this would be preferable over racials that amount to a better item or a third trinket.