https://en.wikipedia.org/wiki/Specular_reflection
Paint reflects primarily with diffuse reflection. The rays of light are scattered in all directions:
What percent of the light does a mirror reflect in a specular way?
https://www.semrock.com/maxmirrors.aspx
Mirrors that are a cheaper coating on glass or metal can be in the 95% range without too much effort. If you don't care about actually forming an image with a mirror, it can be quite cheap, e.g., plain aluminum (with whatever oxide forms on its surface) or aluminized mylar film.
Mirrors don't have to reflect very much, they have to reflect as a picture. That's why one-way mirrors work — people generally don't notice that the light mirrored is much less than 100%. White paint is free to reflect the photons in any direction, so that >98% is a harsher requirement on the share of incoming photons, but a laxer requirement on the photons' direction.
I'm talking about dielectric mirrors. Wikipedia suggests 99.999% or better reflectivity over a narrow range of wavelengths.