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If the chaos gods are so powerful, why don't they just outrightnkill the other races?

Because they don't want to. You wouldn't murder every cow in the world and deprive yourself of a food source just to show you're powerful.

They are only powerful in their own realm.

The Chaos Gods don't have the same influence over other races like they do mankind.

They only have power due to the faith that people place in them. (Khorne via slaughter and bloodthirst, Tzeentch via scheming and hope, Nurgle via things decaying, and Slaanesh via people enjoying pleasures to excess and such.)

Because the Emperor on the Golden Throne prevents them from directly affecting the physical plane on a wide scale.

While the various aspects of Humanity do feed power to the Chaos Gods, there are entire Xeno cultures who have fallen, utterly, to the worship of the Ruinous Powers in one guise or another, or to the worship of Chaos Undivided. Human beings aren't the only race out there that Chaos is interested in, just another they haven't yet totally dominated.

They aren't out to kill everyone in the universe (okay, Khorne says he is, but he's a liar). They want to cause suffering and fear, and in turn feed off of these negative emotions.