To all the AQ-folders: yeah RIO, -EV in vacuum, hard to play, oop etc. etc. This is not the point. Take another, more abstract point of view from which you can see meta-game, ranges, and how ranges exploit other ranges.

Opening-range on CO is prob between 25 and 30% of all your hands. If you consistently fold all but the very strong hands, you give up too much. And imagine what would happen if button knew you play this way (he probably doesn't know; but this thought-experiment shows how sound strategies are in an vacuum): he would raise even more and you would be forced to tighten up from CO. This means you'll have to fold a lot of suited connectors. This means your total profits from the CO will go down significantly.

Total profits from CO [wide range and calling 3bet AQ] >> total profits CO [tighter range and folding AQ].

And if you think: well I'll play a wide range and fold AQ and have the best of both worlds! you should RLY avoid sitting with a good player directly to your left.