How does Lighthouse calculate its accessibility score?
According to Chrome's documentation, the Lighthouse accessibility score is a weighted average of its accessibility audits. Each audit is pass or fail, and the weights are based on axe's user-impact assessments, so a failing high-impact audit costs more than a low-impact one. Manual audits and low-impact or best-practice audits do not affect the score.
Because each audit is simply pass or fail, one missing label and fifty missing labels cost the same. And because only automatable checks are scored, a page can score 100 while still being hard or impossible to use with a keyboard or screen reader.