I like ‘bottom of the top of the line’, about sums it up! People use the expression ‘top of the line / range’ to infer something they have is really top notch. My first thought is always ‘how good is ‘the line’ that it’s at the top of’?Now you know why Fender's marketing department wound up changing the name to "American Professional"; they did try to kill the name back in 2000 by just calling them the "American Series" but that didn't really stick as people still called them "American Standards".
And you are correct that "standard" doe have that connotation of "everyday" even though the model was more the "bottom of the top of the line" at the time they were released when you looked at their entire 1987 product lineup.