AAA is such a specific genre of game, and making one is incredibly difficult and incredibly in depth, but the question is, is that actually valuable, and does it make sense to model your game studio in that niche

imo it does make sense for them, and they're very good at 90% of AAA. But the spot they are falling over is in tying everything together into a cohesive story, in giving you something beyond a series of vignettes in empty space.