This discussion bears absolutely no purpose of insulting or any national\racial discrimination. The only purpose is to find outcultural origins\referencies of different races and nations of Earth.
So, my overview is as follows:
Alliance.
* Humans - most likely medieval western Europe - chevalrism, Holy Light strong resemblance and parallels to Christianity, a weird mix of different taits - from cunning and vile to heroic and selfless.
* Dwarves - mountain-dwellers, enjoy beer, brawling, traditions, rather closed, but faithful, determined and inquisitive...I assume, they bear Celtic traits - Scottish, Welsh, Irish, perhaps?
* Gnomes - hmmm....what do you think?
* Worgen - I suppose, central to eastern Europe, that impression brough mostly by their architecture, and btw their folklore is full of werevolf stories, no? Also, they are relatively close to humans, but never the same, their relations are not to be caller easy-going, I guess. Same with eastern and western Europe.
* Night Elves - here I'm in doubts...their culture not sems to be derived from known existing, obviusly?
* Draenei - I believe, they are similar to Jews. Look - chosen by God (Naary are similar to angels somewhat). But, scattered to exile, fled many times, went through genocide, and recently have their little land to live and protect - Israel\Asuremist Isle. And, special role in history. But also, always connected o conspiracy theories (though I don't really believe in them) like Zionist occupation government, or cabbalistic warlocks, or shadow richmen who possess huge money - ah, those evil eredar. And draenei are often disliked for bearing resemblance to demons. Common belief os of "good and bad jews" - those who are followers of the Light and those who lust for money and power. [yet again, there's no insulting purpose in this text, in merely represents common beliefs which Idon't support].

Horde.
*Orcs - I think, mongols. Mongols are the original, historical Horde that was rallied from peaceful tribes on the far east and rapidly made an empire that conquered half the Oikumena, though stopped at European borders and later collapsed on itself. They share the culture - priority of society over individuality, bravery, honor, revering for the nature and ancestors.
*Trolls - Natural american, Latin\South american - they bear a striking resemblance to Aztec - with their ziggurats, an antient but shaterred empire, traitional cannibalism, voodoo, loa spirits also bear resemblance to Aztec gods.
* Taurens - peaceful, deeply conncted to their motherland, nuch more of labor than of war? Not sure....perhaps, natural Australian?
* Forsaken - russians, I guess. A shard of Northern empire, recently broken from the grip of communism (resembling Scourge for many reasons). Recently, merely slaves to Lich King (Gensec, Stalin to some extent), they were proud by being equal, military strong, just like a one united fist, willng to build a new world, where all are equal (from the grave), and only do what is needed for the state and King, lead by the Cult (KPSS\Bolshevic party). But Scourge has fallen, and they are free, just like RF after 1991. Yet still, they are not friends to Europe and USA (like forsaken and humans), thuogh genetically european (were humans mostly in life). Both feel isolated and lost without and idea, and tend to make current leader like a shadow of the former King.
* Blood Elves - hard to say. Only guess may be - Greek?
* Goblins - okay, that's simply the Wild West as it is. What else to add here?
*Pandaren - far East - Chinese, Japan, Korean culture, that's pretty obvious.
Well, who else is missing? I guess, these are the patterns where the new races are to be represented. Okay -
* Arabic.
* Black Africa, though it might be associated with Tauren, idk.
* Indian - maybe, Naga will have thei culture derived from it?
*Southeastern Asia?
Well, please, discuss.