I would say that it is because, unlike the Bongcloud, its a bad opening from the first move. In the Bongcloud, you can still develop your queen and bishop after your fist move, but here, your first move denies your knight from defending the center while also not allowing you to develop any of your pieces. Although, f3 is used by some people who play e2 as their second move.
Possible opening worse than Bongcloud

No, this is actually slightly better than Bongcloud apparently, as ridiculous as it sounds.
Thats what our overlord Stockfish thinks at least.

I think it's better than the bongcloud because the king still has some cover and doesn't block the bishop.

It's not worse than Bongcloud; it's better. A king on e2 blocks the development of three pieces (a king on f2 doesn't), the white king is further from the center, and white still has chances. Of course you could blunder Fool's Mate with 2. g4.
Is this opening worse than Bongcloud? If not, why?