It is both - you must meet the minimum number of trips at the minimum standard of 80% 5-star ratings. It is a combination.
As someone who hosts more than 10 bookings a month in my own home, with a 100% average of 5-star rating, it is troublesome that someone who isn't a power-booker/host like myself is in the same mix as someone who doesn't even host one guest a month and maybe is at the 82% rating. But that's what it is right now.
If you have a suggestion - like how you think there should be a variety of "super host" designations, then offer them up. Just complaining doesn't really help Airbnb improve.
I'd be all in for a "leveling" system - Power Super host, Casual Super Host, Unintential Super Host, Working on being a superhost and needs your help .... whatever that looks like, and assign those categories to hosts on the site.