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The first part makes sense.
Now, why do AAA and independent have to mean contrasting things? Maybe it was one rich woman programmer+artist over 10 years, or may a crowsourced project of 40 people.
So I don't think resources and graphics have much to do with it being indie, while people do associate AAA with major companies behind and 2D experimental games as independent.
It's the definition of the term, whether Steam uses it correctly or not.
Here's the definition per wikipedia:
https://en.m.wikipedia.org/wiki/Indie_game
Here it is per dictionary.com:
https://www.dictionary.com/browse/indie
And here it is per Merriam-Webster:
https://www.merriam-webster.com/dictionary/indie
Developers like this are real indie: https://store.steampowered.com/developer/icepicklodge
Because Microsoft was involved so how is that indie?