SqlPackage.exe: Error SQL0: Required contributor with id 'id' could not be loaded
I have figured the answer on my own and wanted to help someone like me.

So, the problem is I was referencing sqlpackage.exe from C:\Program Files (x86)\Microsoft SQL Server\150\DAC\bin directory, that is why it was looking for the contributor in it's sub-directory \Extensions.

I was looking around in Visual Studio installation directory and found the sqlpackage.exe in C:\Program Files (x86)\Microsoft Visual Studio\2017\Enterprise\Common7\IDE\Extensions\Microsoft\SQLDB\DAC\150 directory, updated the path in environment variables and it worked.