Hello stevet,
The reported voltage is the voltage measured by the ESC. In fact all 4 ESCs on the 4-in-1 ESC measure the voltage, you can try to run the calibrate script on others and double check the result. The current of 2.9A for a motor similar to EMAX 1306B is quite reasonable, in fact is probably on the low side (not a concern).
If you are using a power supply that is capable of outputting 7.4V at much higher amps (lets say 10A), then follow these steps to figure out what is wrong:
when ESC reports 2.9A, check to make sure the power supply also reports the same or similar current.
run the calibration on a different ESC id to make sure the voltage measurement is similar to your first test
use a multi-meter to measure the voltage right at the power input pads of the ESC (may need to solder temporary wires to ESC and connect them to multi-meter in order to do it safely.. use your judgement)
the multi-meter voltage measurement should match very closely the voltage measured (under load) in the ESC
the issue is most likely in the wiring between the power supply and the ESC (including possibility of a bad connector or bad solder joint at the connector).
Alex