Yeah I think it's just some of us still fondly remember the old 12" MacBook as a highly flawed but special product that could've been so much better with a more efficient processor, and wish this new MacBook could be the successor. But realistically the 12" MacBook was a premium product with a high price tag whereas this new MacBook will likely be a low cost alternative to the Air like you said.
If I were to name it, this new thing would be the MacBook SE. But we all know how Apple is with their naming schemes.