Depending where the sourcemap file is, vscode fails to locate the source while chrome dev tools has no problem to find it.

If you want to reproduce you can try with the first file structure where both vscode and chrome devtools are working.
Then compare with the second file structure that works only in chrome devtools.

File structure working in both

file.js

const value = true

debugger

console.log(value)

file.es5.js

var value = true;

debugger;

console.log(value);
//# sourceMappingURL=file.es5.js.map

file.es5.js.map

{
  "version": 3,
  "sources": [
    "./file.js"
  ],
  "names": [
    "value",
    "console",
    "log"
  ],
  "mappings": "AAAA,IAAMA,QAAQ,IAAd;;AAEA;;AAEAC,QAAQC,GAAR,CAAYF,KAAZ",
  "file": "file.js"
}

Vscode pauses in file.js

Chrome dev tools pauses in file.js

File structure failing in vscode

file.js

const value = true

debugger

console.log(value)

file.es5.js

var value = true;

debugger;

console.log(value);
//# sourceMappingURL=__asset__/file.es5.js.map

asset/file.es5.js.map

{
  "version": 3,
  "sources": [
    "../file.js"
  ],
  "names": [
    "value",
    "console",
    "log"
  ],
  "mappings": "AAAA,IAAMA,QAAQ,IAAd;;AAEA;;AAEAC,QAAQC,GAAR,CAAYF,KAAZ",
  "file": "file.js"
}

vscode pauses inside file.es5.js

chrome devtools pauses in file.js

Additional info

When I put "trace": true inside launch.json one log draws my attention:

SourceMap: no sourceRoot specified, using script dirname

I think it corresponds to the following line in getComputedSourceRoot

It looks like vscode fallbaks on the script dirname but should fallback on the sourcemap dirname. Otherwise when sourcemap file and script file are not in the same directory sourceroot is wrong.