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I need to power an ESP32 with one 18650 battery. If I connect it to the Vin and GND terminals, I get around 3 V from the 3V3 pin. I think the voltage drop of the AMS1117 voltage regulator is too high.

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Yes, the 3V seems due to the dropout. You can use 2 cells in series or use 1 cell and boost the voltage using a boost converter to 5V.

Edit: removed the idea of using an alternate LDO because I saw the spec of 18650 and it seems that it can go down to 3V.

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