Let's just forget everything else like art direction, sound direction, animations, optimization, level design, voice acting quality, game design, visual clarity and readable actions, UI/HUD that isn't generic, and a million other things that separate small budget games from big budget ones.
AAA level games still need a ton of man power and talent. Gaming is more than photorealistic (photogrammetry) static assets.
I've seen so many indie/AA trying to look like AAA games use photorealistic assets but the gameplay and the animations are so poor. There is very little artistic expression and liveliness. Just stiff and static worlds with very little attention to detail. Small studios usually can't afford that kind of polish.
The only indies that even come close to AAA games are heavily backed by big publishers and have a sizeable team like Stray, Hi-Rush and Kena to name a few. They are really AA games which people still refer to as "indie."