RE: "But even "technical grading" without regard to market conditions can be subjective."
If "technical grading" is based on an accepted, defined standard and empirical data, then it is subjective only in the standard, not the data.
Science is constantly refining standards to remove variables and incorporate measurement improvements. The original definition of the meter was The meter was originally defined as "one ten-millionth of the distance from the equator to the North Pole along a great circle." That was followed by increasingly precise and invariable definitions:
from 1889 to 1960 as the distance between two lines on a platinum-iridium bar (the “International Prototype Meter”) preserved at the International Bureau of Weights and Measures near Paris;
from 1960 to 1983 defined as 1,650,763.73 wavelengths of the orange-red radiation of krypton 86 under specified conditions; [https://www.dictionary.com/browse/meter]
If there is no initial point, or no support for acceptance or improvement, then the little house of cards falls - which "grade inflation" and continued disagreement about basic issues indicate has happened.