There are a few things that modify initiative and make you immune to surprise.

Surprise Immunity

• Alertness feat
• Weapon of Warning (uncommon magic weapon)
• Ioun Stone of Awareness (rare magic item)
• Feral Instincts (Barbarian ability 7th level)
• Foresight (9th level spell)

Initiative Bonus

• Alertness feat +5 bonus
• Rod of Alertness (very rare magic item) advantage
• Sentinel Shield (uncommon magic item) advantage
• Guardian (minor magic item property) +2 bonus
• Weapon of Warning (uncommon magic weapon) advantage
• Jack of all Trades (Bard ability 2nd level) +1/2 prof bonus
• Feral Instincts (Barbarian ability 7th level) advantage
• Remarkable Athlete (Champion Fighter ability 7th level) +1/2 prof bonus

I don't think the feat is out of line with the rest of the abilities.

Surprise isn't that big of a deal, and some people love going first but honestly after the first round of combat initiative is not that big of a deal either.

I did leave off the artifacts, having both the hand and eye of vecna makes you immune to surprise and the sword of kas gives you a +1d10 to initiative, but those are artifacts and not commonly seen.

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