VBAT is directly fed to UNREG_V means that the ESP32 won't be able to start up if there's no battery connected, and the ESP32 will discharge the battery when running even when USB is connected. It may also have some implications on the battery lifespan as the charge chip won't be able to properly regulate the charging current (I don't know what the implications of this are).
from @projectgus
VBAT is directly fed to UNREG_V means that the ESP32 won't be able to start up if there's no battery connected, and the ESP32 will discharge the battery when running even when USB is connected. It may also have some implications on the battery lifespan as the charge chip won't be able to properly regulate the charging current (I don't know what the implications of this are).