That is, can the large gap that separates the most-played race from the least-played race on both factions be shrunk down, or smoothed out; do you believe Blizzard can actually do something about that?
http://wow.realmpop.com/us.html
Here we see the big two - Humans and Blood Elves, who since their arrival have always been the dominant races. They cannot be knocked down through racial nerfs, other races' racial buffs, lore development, class options or social mockery (lookin' at you BEs). Because of RP reasons, looks and flavor the two will always dominate.
On some realms, the big two have (almost) more representation than the other 5 races combined
Is this truly a bad thing? Yes, I think so. It isn't necessarily about caring what other people play, but rather other player's projecting immersion that doesn't fit lore standard or looks unnatural (such as seeing more Blood Elves than Orcs in Orgrimmar - The Orc city!)
But what can actually fix this? nerfs to racials won't fix it (Blood Elves have received racial nerfs such as a 6% mana return dropped to 2% and still remain the most popular Horde race on PvP realms by far), more class options for existing races won't fix it (and Titans forbid Blizzard works the opposite direction and gives Humans/Blood Elves Druid or Shaman) and more races being added only stretches the playerbase, but percentage wise the big two remain equally ahead.
Can Blizzard logically fix this? Will new player models fix it? Is it actually possible for Blizzard to realize this problem exists and work on a solution that doesn't take away the joy people feel from playing the big two? New player models? Over-the-top new racials for the bottom races such as Gnome and Goblin?
Discuss. Does it bug you that your favorite race is only a small percentage of the population? Does it bug you when you enter a raid and you're the only Orc? Should people who are bugged by this just get over it and get checked whatever mental illness you believe them to have?