Why 7:1?
The 7:1 number comes from research into the impact of low vision (around 20/40 acuity) on text reading. AAA was designed to remain readable to people with this level of impairment without requiring assistive technology.
The W3C explicitly cautions that AAA is intended as a stretch goal for content where readability is paramount — it is not the default everyone should target. The standard expects AA to remain the typical organizational bar.