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Cuphead is an amazing low budget game that had to sell 1 million copies to be successful for both Publisher and Developer, it is not AAA.
Ghost Recon Wildlands is a mediocre, but high budget game with a $60 price tag and needs to sell millions to succeed, it is AAA.

It's not quality, it is based on investment, the size of the team required to make it, how many millions it has to sell to break even, and its marketing campaign. If a game is AAA because it is really good, then we would have a whole lot of $16 indie titles being called 'AAA'. It does not have to be good, it just has to be expensive and risky for the company making it.