'aeration' is the actual air in the bucket, where in other systems, media would be.
Aeration is a verb, not a noun. The air in the bucket is the air in the bucket. Without surface turbulence, there's no exchange. Aeration occurs through the spraying process. Waterfalls are the most effective means of aerating and this is, in effect, millions of tiny waterfalls. The res needs to be aerated but, in aero's case, no extra equipment is required as the process of water delivery provides it's own aeration.