Formatting the code

Edit settings.json by press CTRL+SHIFT+P and select "Open Settings (JSON).  In the JSON file, search for HTML and add cfm, cfml and cfc.

I use the Beautify extension.  It allows you to select code and "Beautify selection".

You'll also want to add the code below so that you can use Emmet when editing CFM files.

    "emmet.includeLanguages": {
        "cfml": "html",
        "lang-cfml": "html"
    }