Anyone know how PCGS determines cameo on proof like coins?

I picked this up at melt, mind you when it was peak silver, and I thought it was a slam dunk for a deep cameo or cameo......of course, the graders dashed my hopes and dreams. Any opinions?

Comments
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More than likely because of the toning. It takes away from the
“black and white “ effect needed for a cameo designation.2 -
I was going to say if that coin was dipped you may have got the designation.
Student of numismatics and collector of Morgan dollars
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I don't find either service consistent with this designation either. Part it I suspect is that the coin shows better contrast outside of the holder, but I've never heard anyone else say it.
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It's not as Black and White as it should be...
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The toning is a deterant, jmo
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