Essentially, his definition of AAA differs from many other people's defintion of AAA. What Hellblade did was deliver relatively high production values, visual fidelity and overall quality (things many people associate with AAA) at a fraction of what would nowadays be considered a AAA video game budget. However, to Jim, those positives aren't as defining of what makes a game a AAA game as the nefarious, consumer- and developer-unfriendly business practices that tend to go along with big publishers' business models. So what he's saying is that Hellblade proves developers can independently make games that can hold a candle to the production values often associated with AAA games without falling into the trap of adapting the same kinds of AAA business practices. Whether one does or doesn't agree with his definition of AAA is, of course, a different matter but also somewhat beside the point.
Except there is one thing you are missing from this analysis.
Length. What Jim fails to mention is length of a game has basically been intrinsically combined and compared to the price point of the game.
How replayable is this game? How long is it? How long will I be invested?
AAA games are very large, and are intended to keep a player playing for a long time.
Hellblade is short and concise.
I personally believe this huge explosion we've seen of open worlds in the AAA space is to create length and content so a player feels their money was spent. It's also why I feel trying to compare Hellblade to them is not a proper comparison at all.
Something more suitable would be uncharted lost legacy, which didn't charge full price because it understands it's a short game.
If hellblade charged full price, people would be up and arm's about it like they were with the order:1886.
I feel with talented artists and engineers and a decent budget, any studio can create high fidelity visuals.
Problem is, AAA is now incredibly concerned with making a player be invested in a game for as long as possible, which in tern is why microtransactions have wormed their way into so many games. Because if they are making a player invested longer, they need to get money out of them.
Don't take this as a defense, but rather my thoughts of why these trends in AAA are popping up.