It's one of the cheapest casual dining restaurants that provide table service but avoids being fast casual dining and still tries to avoid a cheap look. Basically if eating out in general is a luxury due to cost then to you an Olive Garden or an Applebees type place is where you go to have your celebratory types of dinners because either your small town doesn't have much more to go to and/or your income doesn't really let you go spend on 1 12oz steak what could cover the entire meal for a small group at Olive Garden.
Of course there is nothing wrong with thinking OG is fancy and so on. Better to avoid folks who make a big deal out of it IMO.