For a 1911 match grade has a very specific meaning:
A match grade 1911 starts with a frame, barrel, and slide which are slightly oversized and "cut in" to specific (ideal) size. Frame first, then the slide is fitted to it.. The barrel has oversized lugs that are machined in for a proper (perfect) fit. In lockup, the lower lugs rest snug on the cross pin of the slide stop and the upper lugs rest snug against the top of the slide. This is the ultimate (three point) support of the barrel rear which allows zero movement in lockup. Of course, the bushing has to be properly fitted as well and the barrel must be top quality.
A true match grade 1911 is one which will consistently shoot sub inch groups. It takes a lot of hand fitting to get one.
A mass produced 1911 has parts which are intentionally "sized loose" so they don't require much fitting. In lockup, there is always some barrel play and the rest position is usually standing up on the link, not resting on the cross pin. Obviously, you get a spread of accuracy and performance which is not consistent or predictable.