Sounding good? Within practical limits.

Chris Stapleton has a song on the radio now that is just him and a guitar.
Prolly was recorded in a top studio.
Could have conceivably been produced in a good home studio with a $600 mic, real good plug-ins and a skillful sound engineer.
If it had been done in a home studio, it may not be as good as a top flight studio recording..but it would have been close and still pretty good.

If a typical group of listeners heard a song and thought it was good without even questioning exactly how good or technically good...then for all practical purposes...it's good.

If it sounds like some gumball singing semi-intelligibly into an empty dog food can..it's not good. May have good lyrics but it is a bad song.