They just didn't implement that, no idea why. Not a bug, but it is a mistake, as it feels really silly indeed when you play an Altmer and you're on an eye level to other, short races.
It was there in Morrowind too, and it was pretty obvious too as there was a huge difference in height between an altmer and a bosmer.
I don't know how it works out in Skyrim, but in Morrowind I opened the player body mesh in nifskope and raised or lowered the camera to suit. Of course it had to ba a seperate mesh for each race if you used it on more than one character.
Yea I missed that, having a small character talk to one of the larger races had the person you're talking to having to look down during the conversation. Or playing as an Nord and Altmer and the smaller races having to look up at you!
I modded it back, but it was a disappointment that all the races had the same height for the FP camera. :/