Why not just use vscode if you want a more featured experience, and vim/neovim if you want a minimalistic experience?
(not including the fact that Microsoft owns vscode and that some parts are not open source, im aware of that, so no need to mention it)
One reason is that VS Code hadn’t existed yet when I started using Emacs.
Another reason is customization. Emacs is one big Lisp interpreter, while VS Code is a desktop application with JavaScript frontend. VS Code would never achieve the level of customizability Emacs offers.
As someone else has mentioned, Emacs is the oldest and mature, so it is nearly impossible for a new editor to catch up with all of its functionalities.
When I started using emacs there was no vim, just vi.