The ability to modify the instruction pointer to point a different location without running any code is an extremely useful debugging feature in C/C++. I'd like to request this feature in the toolset.

Visual Studio has an implementation of this, referred to as "Set Next Statement" in the UI. It is normally done by either dragging the yellow arrow indicating the currently executing line of code, or by right clicking a line and choosing "Set Next Statement".
https://msdn.microsoft.com/en-us/library/y740d9d3.aspx#Anchor_4

It appears the protocol for this is already implemented in VS Code.
microsoft/vscode-debugadapter-node#28
microsoft/vscode-debugadapter-node#45

Related: microsoft/vscode#12514