It's a studio that has a 25-year history of making a bunch of great games, none of which are AAA. They are working on a project now that has a AAA budget, but also has gameplay unlike any AAA game in the last 15+ years. So in some ways, it's even hard to think of the game as AAA, even though technically it is. On top of that, the game series belongs (or belonged) to someone else as well. So, I'd say for historical and other reasons, it's hard to think of Larian as an "AAA studio" right now, but once this is out, and we see what their future holds (decades-long Baldur's Gate sequel churnage? sign me up, I guess) then that opinion can begin to change.