I think it’s a perfectly fine list for someone to start with. Like ABET certification, it indicates a minimum standard met by all members.
Naturally LACs are missing from a list of members of the Association of American Universities. That doesn’t mean they’re not perfectly good places for studying the sciences, and it would be helpful for someone to compile a list of research-intensive LACs. There is at least one thread per week about computer science programs at LACs.
Given that the overwhelming majority of students going to graduate school come from universities - 2/3 of those receiving PhDs last year did their undergrads at a doctoral university - I think providing a starting point for students interested in universities is not at all a bad thing.
Obviously no one would suggest the AAU list contains a definitive list of the best programs in STEM. Note that Chicago, UNC Chapel Hill, and Emory are members but do not offer engineering, to cite only one example.