I think there is some merit to using it in a critical sense, just based on what happened that one time it was used.

To me, AAAA means a game that was given way too much budget for its scope, to its own detriment. Take what should be a niche, mid-budget game and pump it full of cash. The game becomes too big to fail and needs to use every "play it safe" strategy the MBAs demand in order to recoup its budget. So it aims for broad appeal, which makes it fail at being the niche game it was supposed to be, and it ends up flopping.