I haven't used star ratings in god knows how long. On twitter I'll often affix them to things for the purposes of distinguishing things or discussion, but never in a concrete way.
That said in my mind I've always viewed them this way:
5 stars - all time classic, flawless or near flawless, one of the best matches I've ever seen and/or of the style it was wrestled in.
4 3/4 stars - Tremendous match, likely to be in the upper echelon of MOTY discussion at worst. Perhaps not the absolute best of a style or type, but in the discussion and something where criticisms of it feel minor or incidental.
4 1/2 stars - Excellent match, in most years at least a fringe MOTYC. Criticisms might be more substantial than above, but nothing in the match that meaningfully undermines the story being told.
4 1/4 stars - Great match, maybe a hair below MOTYC level. I often feel that matches which go a bit too long or too short fall in this range fwiw.
4 stars - Great match, but a match where at no point during it did I feel I was watching one of the top matches of the year. Kind of a generic rating for a demonstrably very strong showing that lacks the meaning, impact, drama, or precision of the above.
3 3/4 stars - Very good match, bordering on great, that perhaps suffers from some ill timed spots, awkward execution in bad moments, lazy selling at a critical moment, et.
3 1/2 stars - Very good match, more than just "well worked," but lacking a single or collective performance that reaches the next level.
3 1/4 stars - Good match, brushes up against being more than that but never gets fully over the hump.
3 stars - Good match. I see thousands of these every year. Well worked, strong effort, things click pretty well, simple/effective story told but nothing that will last with you on its own.
2 3/4 stars - Sold match, slightly above average, but doesn't have the cohesive elements I would ideally want to call something good.
2 1/2 stars - Average match. Two professionals doing what they do, filling a slight on the card effectively enough, but doing nothing to stand out and nothing exemplary.
2 1/4 stars - Slightly below average. Often times a decent match that goes off the rails at a few points or has a terrible finish.
2 stars - Mediocre match. Usually nothing really terrible, but an uninspired performance, lazy performance.
1 3/4 stars - Poor match. Weak effort, bad storytelling, and now we are getting into the territory of performers who look like they aren't on the same page for chunks of the match.
1 1/2 stars - A safely bad match. Perhaps some competency is shown in moments, but that's the best you can say about it, and the worst moments are utter trash.
1 1/4 stars - Very bad match. At this level we are looking at matches where all parties in the match sucked pretty consistently from beginning to end.
1 star match - Awful match. Little to nothing goes right or what they are doing is so bad in design that it can't be redeemed by good execution alone.
3/4 star match - Trash. At this level we are talking about something so bad that it shouldn't have been booked and you finish it literally feeling like you have wasted your time.
1/2 star match - All of what I said about the previous entry, but now you are also reconsidering your wrestling fandom. Usually reserve this tier in my head for things that make me legit embarrassed to be a fan. Can be distinguished from the previous entry in part based on length or the degree to which something is actually morally offensive (rape spots for example).
1/4 star match - Absolute disaster, shit show. Almost certainly the worst wrestling related thing you see in a given year. Tons of blown spots, poor communication, et. combined with being horrifying and/or embarrassing on some level.
DUD - I don't really think in these terms but this would be something I would consider one of the worst things I've ever seen in life, let alone pro wrestling.