What is known about this binary representation polytope?
I think $S_n$ can be written in terms of inequalities in the obvious way. Let
$$
Q_n = \{(x, y): x = \sum_{i = 0}^{n-1}{2^i y_i}, \forall i: 0 \leq y_i \leq 1\}.
$$

I claim that $Q_n = S_n$. First, obviously all $(x, y) \in S_n$ are also in $Q_n$, so $S_n \subseteq Q_n$. Second, fix a point $(x^*, y^*) \in Q_n$. Consider the probability distribution over $\{0, 1\}^n$ induced by picking $y_i = 1$ with probability  $y^*_i$, independently for each $i$. If $y$ is sampled from that distribution, then, by linearity of expectation,
$$
\mathbb{E}\ x = \mathbb{E} \sum_{i = 0}^{n-1}{2^i y_i} = \sum_{i = 0}^{n-1}{2^i y^*_i} = x^*.
$$
Therefore $(x^*, y^*)$ is in the convex hull of $S_n$, which proves $Q_n \subseteq S_n$.

BTW, this didn't really use anything special about $S_n$. Whenever you have the convex hull of the set $\{(x, y): y \in S, x = Ay\}$, and the convex hull of $S$ has a concise extended formulation, the same thing will work. The main point is that $x$ is a linear function of $y$. Here we used the fact that the cube $[0, 1]^n$ has a very easy formulation in terms of inequalities.