Well put. Though by that second metric, I'm not sure that the marginal utility of VSCode, relative to a world where Atom existed and was equally free and accessible, would place it in the highest echelon of widespread-utility-creating engineering marvels.
On the other hand, an equally valid measure of impact is utility * number of people. While things like self-driving trucks are extremely cool, as of today their overall impact is quite small. VSCode impacts an enormous amount of people every single day and saves them a ton of time.