We investigate the many-body behavior of polaritons formed from electron-hole pairs strongly coupled to photons in a two-dimensional semiconductor microcavity. We use a microscopic mean-field BCS theory that describes polariton condensation in quasi-equilibrium across the full range of excitation densities. In the limit of vanishing density, we show that our theory recovers the exact single-particle properties of polaritons, while at low densities it captures non-linear polariton-polariton interactions within the Born approximation. For the case of highly screened contact interactions between charge carriers, we obtain analytic expressions for the equation of state of the many-body system. This allows us to show that there is a photon resonance at a chemical potential higher than the photon cavity energy, where the electron-hole pair correlations in the polariton condensate become universal and independent of the details of the carrier interactions. Comparing the effect of different ranged interactions between charge carriers, we find that the Rytova-Keldysh potential (relevant to transition metal dichalcogenides) offers the best prospect of reaching the BCS regime, where pairs strongly overlap and the minimum pairing gap occurs at finite momentum. Finally, going beyond thermal equilibrium, we argue that there are generically two polariton branches in the driven-dissipative system and we discuss the possibility of a density-driven exceptional point within our model.