The value of a license lies in the difficulty of obtaining it. Offshore countries give some licenses to anyone, including financial pyramids.
But Estonian is quite normal.
A lot of depends how much costs such licence. In Estonia the price of the licence is not high that is why people prefer to buy such licences, because they are cheap.
As far as I know Estonia has tightened the legislation regarding cryptocurrencies and now it has become much more difficult to get a license.