what do voltage regulators have to do with waking up an esp?
Absolutely nothing.
Related to battery life.
Op posted direct battery connection to esp. But in reality he is using some voltage regulation. But not knowing dropout voltage of that ....
It is the datasheet of the AMS1117.
http://www.advanced-monolithic.com/pdf/ds1117.pdf
| Parameter | Device | Conditions | Typ | Max |
|---|---|---|---|---|
| Dropout Voltage (VIN - VOUT) | AMS1117-1.5/-1.8/-2.5/-2.85/-3.3/-5.0 | ∆VOUT , ∆VREF = 1%, IOUT = 0.8A (Note 4) | 1.1 | 1.3 |
So dropout voltage is 1.3 I suppose.
About 1.0-1.1V with your current draw. Not the best choice for 3.7V battery...
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