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Gaming hot takes?
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Back then AAA meant the game had budget, scale, graphics, polish.. Nowadays all of these qualities are present in AA devs, and plenty of indies as well.
I feel like the only real differences the AAA has is 1) very detailed and realistic graphics (which does not equal good looking or good art direction, mind you), and 2) a lot of overhead management and investors. These investors are all looking to make returns on investment, which is probably why they so strongly discourage taking risks by deviating from the pre established formula, and strongly encourage absurd monetization practices.
Not to say there's no good AAA games nowadays, Fromsoft is amazing with their souls borne series, and Zelda is pretty solidly designed imo.
AAA also tend to spend a lot on celebrity images and voice acting. Which is weird to me. I don't think anyone bought Cyberpunk just for Keanu Reeves.