Is this essentially a VS Code fork? Are they not happy with VS Code? After using Eclipse for everything for ages, I moved completely to VS Code. Like Eclipse, it is really well put together, as many would agree with me.
I'm not sure why the project exists. I assume they want to take the development into a direction that would not be possible with the MS-led VS Code?
Edit: Found the answer: "Eclipse Theia is an open and vendor-neutral project with a diverse community of contributors from large corporations down to small companies and even individual developers. This diverse and steadily growing community is a stable base for the ongoing development of additional features and maintenance of existing functionality based on a broad and balanced view of the requirements put forward by the Theia adopters. The commercial-friendly licensing and the rigorous underlying IP management ensures that adopters can safely build commercial and internal products based on Theia." [https://theia-ide.org/docs/project_goals/]