I view it as a spectrum. Up at the 'Outstanding' end they probably spend all day dancing to OFSTED's tune and fulfilling their every silly whim, which I find irritating and the two Outstanding schools in my area are grade-chasing, discriminatory, C-obsessed and devoid of personality. The sort that sent kids home for wearing a coat inside, the kind that expelled bullying victims if the bully was predicted a better grade. I know there are wonderful Outstanding schools, but my local ones just... aren't.
The Good schools seem far more normal to me. They have some challenging intakes, only around 60% pass rates and the occasional crumbling building, but that's just life. It seems realistic. They seem passionate, enthusiastic and willing to care for every single child.
However, it takes a fair bit of effort to slip underneath 'Good'. Requires Improvement' I might take a second look at if they've got a really good reason for the slip, but honestly - our Good schools are pretty rough-and-ready, around here they must have made some serious errors to not achieve that.
Down at 'Inadequate' you're talking massive safeguarding issues. Something has categorically gone very, very wrong. Throw all the money you want at it, but the problem might not be one you can fix with money. We just had a nursery rated Inadequate after they brought in random family members to 'act' as staff, no checks, no qualifications, no experience, nothing. That kind of poor decision-making or disregard for the rules puts children at risk. You've messed up massively and honestly, there are places where that level of messed-upness can't be redeemed.
My hometown had two Inadequate schools, both completely beyond salvation. Both had to close after pupil numbers plummeted and those that did attend suffered greatly from extremely bad teaching (which in the final years became no teaching, as staff had left and they couldn't replace) and poor infrastructure (building leaked, flooded and finally arson damaged, but council couldn't afford to repair). It's a poor town, neighboured by poor towns. Those poor towns have Good schools. Those kids got As. Yet this one town failed so many kids despite suffering all the same issues as the others.