Lost to budget
You could have shown and chose not to fund it. On a profitable campaign this is the clearest growth signal available.
Lost to rank
You entered the auction and lost. That is bid, relevance or landing page experience — and raising budget does nothing for it.
Why the distinction matters
Accounts routinely raise budgets to fix a rank problem, spend more on the same losing auctions, and conclude the market got expensive. Check which one you have before deciding.