I'm referring to this one:
It looks like they are adding a station here. Perhaps you're right that they are actually moving a station here. I don't recall offhand where all the stations are along this part of the peninsula.
You're right that the Caltrain corridor is underutilized. Part of that is because for so many years it was strictly a freight train line and cities always turn their backs on those. But it is changing, slowly but surely, in places like Redwood City and Mountain View, etc.