It's more like "meets" requirements

And usually it's specifically functional requirements. Unless it was spelled out, it was considered and or was designed out / shitty to save cash

Unfortunately in this case meets requirements just means it ticks a box. The meme is talking about people thinking military grade is top of the line. Like how the cheapest tire you can buy is legal and meets regulations, but it doesn’t mean it’s good.

It depends on how well you specified the requirements. Like not leaving out things you might consider obvious. Eg if you're specifying a sight that includes a range scale, make sure you include that the ranges should be calibrated such that calibrating it at one range will make it accurate at the others instead of just adding random lines and numbers that look like it shows correct range dropoff, and that the ranges correspond to the ammunition that will be fired instead of just copy/pasting from a .22 range sight.

Think of it like making a wish from a genie (folklore genie, not disney).

I guess cheapest to manufacture, but not necessatily cheapest to buy

I review bids for government frequently. The requirement is to accept the lowest bid that meets all the requirements. The thing is, if the requirements aren't written well, it can be a very, very bad deal.

For instance we bid out for a janitorial contract where the bid did not include refilling cleaner bottles from the dispenser in the janitorial closet, so we had to accept a bid where that wasn't included, and they charged us $60 every time they topped off the bottles.