Lived experience is different from experience. But I think its illdefined and widely misused term. The way I see it lived experience differentiates internal and external experiences. For example a white person, black person and an indian person all can have the same police encounter (external experience) but live it in very different ways. Its because the white person and to an extent Indian person do not carry the fear of negative stereotypes because they have not lived the life of a black person who has had these counter multiple times and knows people for whom the exact same encounter turned out really badly.

There is a difference because one party has lived a completely different life so the same exact physical conditions lead to very, very different mental impact. Thus terms lived lived experience are important and the concept is worth looking at. It enables use to think in a more nuanced way and incorporate more information than what is exactly in front of us.

All "lived experience" means is "anecdotal evidence, but I'll call you a racist if you disagree."