Emacs is Emacs.
Does VSCode have something like Emacs' .emacs / .init file? In one file I can load all the plugins I want and write custom code for added functionality. Rather than having to rely on other people writing a function I need, I can just hack away on my .init file to modify existing functions / create my own.
Now of course in VSCode you can create your own extensions and load it into the program to add your own functionality - but the barrier to entry for any editor (besides Vim) is much higher than Emacs. Looking at the documentation here: https://code.visualstudio.com/docs/extensions/example-hello-... - that's a lot of code and things to do to get a hello-world application working in VSCode. In emacs, that would just be a couple lines of elisp in .init.
Even if VSCode has something like .init (I got this from someone on Hacker News) - it's better to think of Emacs as basically a framework for text editors. You're able to change every single part of the application - VSCode and other editors don't hold a candle to the configuration of emacs.
VSCode isn't the successor to Emacs or a modern version of Emacs - it's just VS Code. Emacs is Emacs.
I've used both editors myself, really the best way to get what I'm saying is to use Emacs for a while until you get comfortable with it. My Emacs configuration is something I cherish and it's a joy to use everyday.
Besides programming, I use it for taking notes, a todo list, a journal, etc. Some people even use it for keeping track of finances, for drawing diagrams, for creating slideshows, etc.