As requested by @chrisdias and discussed with @kieferrm:

Since extensions are a way of customizing VS Code, it needs a place in the preferences menu,.This issue tracks the below

• Include Extensions in the Preferences Menu, right below Settings. Choosing this will open the Extensions view
• Rename Keymap Extensions to Keymaps in the Preferences Menu
• Rename Manage Extensions to just Extensions in the gear menu in the activity bar
• Update the default Extensions view when no extensions are installed to show Popular + Recommended extensions instead of showing just the popular extensions. But only if there are recommended extensions to show.