Seems like distros consider it a medium risk because it doesn't involve remote code execution and requires local access. Though it allows local root privilege escalation which is considered high priority.
> Medium: A significant problem, typically exploitable for many users. Includes network daemon denial of service, cross-site scripting, and gaining user privileges.
https://ubuntu.com/security/cves/about#priority
> Medium: A significant problem, typically exploitable for many users. Includes network daemon denial of service, cross-site scripting, and gaining user privileges.