What do you base that on? The nominal voltage of li-ions, 3.7v, would seem more likely.
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I'm mostly just guessing but I'd say a couple of things point that way. One is that I always see people (more experienced than me) stating about direct output mods that they start at 4.2 and go down as the battery depletes--to about 3.7. It would make sense to regulate the constant voltage at the best performance level.
Secondly, EGO one is a regulated device so nominal voltage doesn't mean anything here. Also 4.2 is in fact a better spot for fixing voltage for use with different
coils than 3.7. If I'm calculating correctly, with a 1.0ohm coil, 3.7v will output less than 14 watts which doesn't seem like it would make for a good
vaping experience. Whereas 4.2v will output around 17.5 watts which is more within acceptable range. Double the numbers for 0.5 ohm coils.
Then again it's mostly guesses. I hope to get my EGO one soon then I can compare how it vapes against different settings on my iStick 30w and have a more educated guess at the output voltage.