You're argument doesn't necessarily represent the position that it should stay where it is more than it suggests that the main menu as a whole needs better organization...

Which I also think is the case... but I still maintain that macros should have their own place in the main menu.

I also think the macro system needs an overhaul but I'll wait til patch 1.18 goes live and I can see what changes in the UI before I start tossing around ideas for that.