Efficiency isn't what moves stuff, though. Power-to-weight ratio does that. And yes, battery tech is getting better for sure.
The fact remains that airplanes and cars handle weight completely differently. A IO-360 powered 172 at max gross weight is a completely different machine than a Pitts S-1S with the same engine. Small flying machines are a matter of squeezing rotational energy out of a given mass, with heat loss and fuel economy as afterthoughts. Unless they plan on using runways, they'll need a >1:1 thrust/weight ratio or a rotor-wing arrangement. That's hard to do. A Pitts Model 12 kind of gets there, but it carries one person and no bags.