Not to get further down in the weeds, but
no, no it's not a "minimum standard" nor is it made by the "cheapest bidder for military use."
Within the "mil-std" (not mil-spec anymore) there are very strict performance standards. And equipment contracts do not always go to the "cheapest bidder." It's all about interoperability,
interchangeability, standardization of equipment and processes, being consistent for cataloging (important for supply and logistics) and then there's the communication piece (standard nomenclature) and the need for standardization of parts and operation for training purposes.
There are still "military specifications", thousands of them.... They are defined as a specification of technical requirements for purchase of material or products.
Military Standards are a different type of thing.
Military specifications fall into two categories: a) performance specifications, and b) detailed specifications.
Performance specifications are specifications that describe an item through what it is supposed to accomplish, i.e., its performance, without dictating the methods to achieve them. An example of a performance specifications is MIL-PRF-23699 - Lubricating Oil, Aircraft Turbine Engine. If you read this specification, it does not give you a formula, nor does it tell you how to make it, it tells you what its viscosity will be, it tells you how it will react with rubber, it tells you how it will perform when tested in accordance with ASTM-D1748, etc. Any formula you choose that accomplishes all of the tests as required is eligible to be qualified under this specification.
Other performance specifications are: MIL-PRF- 63460 - Cleaner. Lubricant, Preservative (CLP) for Weapons and Weapon Systems, MIL-PRF-32535 - Multilayer Ceramic Capacitors, and MIL-PRF-3420 - Volatile Corrosion Inhibiting Treated Wrapping Paper.
Detail Specifications are specifications that detail from what and how the item will be constructed. An example of a detail specification is MIL-DTL-28950 - Coat, Man's; Blue Officer's, this details how a USMC Officer's Dress Blue Coat will be made, the materials, the quality of the stitching, and provides sources to obtain patterns of the approved style. These specifications are very specific and describe what materials will be used, what construction technique will be employed (for example in the above spec, you are not allowed to hand stitch the entire garment, the major seams must be machined stitched), what shape it will have when complete. They will also always provide some form of testing required to assure the final product conforms to design.
Other examples of detail specifications are: MIL-C-71186, Carbine, 5.56mm, M4A1, MIL-DTL-45403 - Link, Cartridge, Metallic Belt, 7.62mm, M13, MIL-R-2583 - Rivets, Solid, Belt and Washers, Flat (Burrs), and MIL-DTL-44436 - Cloth, Camouflage Pattern, Wind Resistant Poplin, Nylon/Cotton Blend.
Military Standards are processes and procedures for accomplishing various tasks. Examples of Military Standard are MIL-STD-1464 - Army Nomenclature System, MIL-STD-171 - Finishing of Metal and Wood Surfaces, and MIL-STD-810 - Environmental Test Methods and Engineering Guidelines.
A third type of document used is the Military Handbook, these are books that provide guidance and information on design, materials, and what various processes accomplish.
In the case of Pistol, Automatic, Caliber .45, M1911A1, it is covered under Federal Specification D-P-355, which superseded MIL-P-1297 in 1964, a detail specification describing the materials and methods of manufacture (through reference to the TDP), required performance and the testing methods used to verify performance. Oh, and BTW, detail specifications describe the manufacture process from beginning to delivery, and therefore also tell you how the item(s) will be packaged.