Yeah, that's one of my thoughts too. V&A's pricing is in line with some Michelin 3-star restaurants. And one of Michelin's four evaluation criteria is "value for money." That is not exactly synonymous with Disney costs.
However, I really think Michelin's decision came down to
timing: V&A simply hasn't been re-opened long enough for a proper review cycle:
- V&A re-opened on July 28, 2022. Call it August 1 to make the math easier.
- I'm assuming Michelin had to complete its reviews by April 1 at the latest.
- That's 9 months, tops, for a reviewer to schedule approximately 3 trips
AND
- It's unlikely that Michelin would've sent a reviewer until the restaurant had been opened a while. If you told me they have to wait at least 3 months, and more likely 6 months after opening, I'd totally believe that
- V&A's chef, Matthew Sowers, has only been there 9 months as well.
The combination of being open 9 months, with a new chef in place for only 9 months, might be the main reasons it doesn't have stars yet.
Like I said, I was there last night. Had the degustitation menu. It meets the other criteria for Michelin stars. I think it's just a matter of time.
ETA: For context, the most recent 2-star I've dined at is
The Modern in Manhattan. I don't know how many 1-stars I've been to, but the most recent was
Capa at the Four Seasons.