It certainly is a possibility ... but also a problem.
Since if you look at game in curent state, it seems like Larian wants whole world to generaly react on our character the same ... yes, there are slight different reactions, like when people first tells your Drow that they usualy dont thrust your kind, and yes there are specific answer you can give them as member of certain races ...
Yet, except this ...
All our characters are seen the same by the world around them, everyone is willing to talk to them just the same, everyone is willing to trade with them just the same, everyone is willing to ask for their help just the same, and in the end, everyone is willing to help them in certain cases just the same.
And personaly i would see that as problem with playable goblin. :-/
Larian would have to either completely ruin whole your goblinity, since you need to enter towns, talk to merchants, and take quests ... or create whole another game just for goblin, ince entire world is suppose to react to you in completely different way ... and that seem like a lot of work, if you concider how many players will ever choose goblin as their main character.

Truth is, that "other side of game" should be used for Drow, Duegars, maybe Hopgoblins ... that may incerase it usefullness ...
But that also implies that there should be hated races, neutral races, and liked races from perspective of one side so called "civilized world" ... possibly turned around for perspective of "savage world" ... so they in the end would need to create at least two entirely different gameplay, with some permutations, where certain characters within certain circumstances, can take both paths (presumabely not at once

).
Honestly, its easier to simply avoid them and let whole world work just the same, with few suspicious sentences in front of every generic conversation.