It appears to log what actions each application and extension performs, view permissions, and debug the extensions' background pages
I think one of the worst things to me is the number of drive-by installers that now target chrome, firefox and ie with malware extensions, or transparent proxies. I saw one on a friend's son's computure and mainly noticed because there were additional ads on Amazon's site. Sometimes I think we should bring back outlaw (dead or alive) status for certain classes of criminal dredge on society... Then I think about where the likes of Snowden would fall from the governments perspective and think it over again.
Instead it is far more likely for the extension to make the requests from their background page (which has elevated permissions) which is essentially its own page with its own inspector. You can inspect each extension individually by going to your extension listing, enabling developer mode and inspecting the background page of the extension you suspect.
EDIT: here's how to inspect extensions you're curious about: https://developer.chrome.com/extensions/tut_debugging