Of course it's unrealistic armchair-libertarian drivel: the magnetosphere is a harsh mistress, after all.
What's interesting about this development is that it isn't a nearly-entirely American endeavour, which is often the case with such ambitions; Asgardia seems to be Russian and the AIRC supporting it is Viennese. I suspect we'll see a lot more anti-authoritarian behaviour from Europeans in the coming years as a) the EU weakens, b) the Internet transmits political memes that were previously comparatively contained by media limitations like talk radio and poor English literacy, and c) people already exposed to (b) come of age.
The much more feasible version of "let's get off the Earth so we can get away from our countries' laws" is called seasteading, and generally involves a platform in international waters. There's one clear non-Libertarian, non-American example of seasteading (Sealand, UK) which is fairly old and unusually successful by micronation standards. These days, however, the idea is generally associated with these guys, who have been funded by Peter Thiel. They, unquestionably, are primarily concerned with ways to dodge regulation. Without a realistic means of building such a gigantic physical presence, though, they certainly aren't going to be doing much of that; at best they'd end up creating their own passports that no one would accept.
It's not mispronounced; the first screenshot in this article shows that the menu item (third from the left) is in fact spelled "manbang" and pronounced (using X-SAMPA) as
...Is it possible you're salty because someone forgot to invite you to participate in Manbang?
Abstract: Most theories of motivation have highlighted that human behavior is guided by the hedonic principle, according to which our choices of daily activities aim to minimize negative affect and maximize positive affect. However, it is not clear how to reconcile this idea with the fact that people routinely engage in unpleasant yet necessary activities. To address this issue, we monitored in real time the activities and moods of over 28,000 people across an average of 27 d using a multiplatform smartphone application. We found that people’s choices of activities followed a hedonic flexibility principle. Specifically, people were more likely to engage in mood-increasing activities (e.g., play sports) when they felt bad, and to engage in useful but mood-decreasing activities (e.g., housework) when they felt good. These findings clarify how hedonic considerations shape human behavior. They may explain how humans overcome the allure of short-term gains in happiness to maximize long-term welfare.
C'est magnifique, mais ce n'est pas l'Informatique. -- Bosquet [on seeing the IBM 4341]