(Separating this topic from the Shimano 4-bolt PM inaccuracy thread)
I think it’s appropriate to draw the line between a power meter and power estimator based on the data received by the device.
If the device receives all the relevant data (i.e. data from both the right and left leg), then it’s a power meter.
If the device receives only half the relevant data (i.e. data from just the left leg), then it’s a power estimator. It can “measure” the power produced by your left leg, but then the total power it reports is estimated (as it doubles the left leg data).
Now sure some power meters are more accurate and/or precise than others, because they are better designed and engineered to measure and report accurate power, whether from better data capture or processing. But they are still measurement, rather than estimating devices.
Consider a tape measure. I think we would all agree it is a measurement device, not an estimating device. But some tape measures will be better than others at providing accurate measurement. Sure, these days a tape measure is so easy to produce that the differences between them may only be measurable in micrometers, but the fact that there is some deviation in accuracy doesn’t make them estimators rather than measurement devices. In the case of a tape measure, where you are measuring length, you just need two data (start point and end point) and you can use your measurement device (your tape measure) to calculate distance.
Now let’s think about measuring our height with a tape measure. If we measure from the bottom of the foot (start point) to the top of the head (end point), we’re providing our measurement device with a full data set and it can then provide us with a measurement (not an estimate) of height.
But if we take away one of our data, our tape measure become an estimating device rather than a measurement device. Let’s suppose we are allowed only to measure from the bottom of the foot (start point) to some intermediate point on the body (e.g. hip bone) and then apply some multiple to that measurement to calculate height. In this case, we are no longer measuring height; instead we are estimating it. In this example, our tape measure is perfectly capable of acting as a measurement device, but we are providing it with incomplete data and as a result the best that it can provide us is an estimate of height.
Same with “power meters” - if your device is working from a complete data set, then it can be called a power meter (again, with some being more accurate/precise in measurement than others). But if your device is operating from an incomplete data set and then “calculating” your power from that incomplete data, then it’s a power estimator.