Not quite. The truth is, there is no universally recognized grades of leather. But when bragging about quality, genuine leather is the lowest bar they can go (other than bonded leather, which isn’t fully leather but just a veneer over fabric.
Full grain or top grain is generally what you want.
Also, some are concerned about the use of an animal product. The vast majority of leather is a byproduct of the beef industry. It is skin that would otherwise go to waste. And it is also far more environmentally friendly a material than many alternatives, which are often made of plastics.