It's a government identity you can apply for and use online that allows you to register companies, among other things- right?
As an electronic resident of Estonia what are you entitled to that you can't do in Singapore, Hong Kong, the UK, etc? The only difference I can see is that in those places you likely need to visit the country to setup the company. Those countries certainly wouldn't call that process airplane-Residency.
Electronic mail is mail that you send electronically. Here, e-Residency is not residency in any definition of the word, even the ephemeral kind. An e-Residency does not afford the bearer any entitlements not offered to a non-bearer, save for not requiring a flight to Estonia.
That said, I appreciate the innovation in an online government ID card for foreigners. The name is a mistake. More accurate would be to call it e-Airplane.
As I haven't read everything about this, I'm willing to admit there's a chance I'm wrong.