VSCode isn't really an IDE as much as a text editor and competitor to Sublime, Atom, etc. You can build in some languages with it, but it's not a competitor to a full-featured development environment like Intellij's IDEA or Visual Studio and not anywhere near a mobile development-oriented IDE.
In addition, VSCode is open source, so to some degree its direction depends on what the community wants to happen with it.
That being said, re-branding Xamarin Studio (which in my experience, has been buggy as all get-out) as Visual Studio Mac without many significant new features seems more of a PR move than anything else. It'd be awesome if they'd put more money/manpower towards fixing it.
In addition, VSCode is open source, so to some degree its direction depends on what the community wants to happen with it.
That being said, re-branding Xamarin Studio (which in my experience, has been buggy as all get-out) as Visual Studio Mac without many significant new features seems more of a PR move than anything else. It'd be awesome if they'd put more money/manpower towards fixing it.