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I had the same question as you 2 months ago! Grégoire Michel's reply to thread I linked above gave me the best answer.
The score is based on a proprietary algorithm that takes into account engaged behavior (Open, Click, Program Success) and disengaged behavior (Unsubscribe). It's benchmarked against drip and nurture style emails to give an average of 50. To give people a chance to engage with your content, the engagement score is calculated 72 hours after each cast.
A score of 50 is average (on a scale of all Marketo customer campaigns). 45 is below average. However, if you're like me, working with a list of cold leads and trying to engage them, a 45 would be great. Marketo customers come from all industries, and market to very different groups.
Engagement score shows how engaging or effective our content is in the program.It is is based on a proprietary algorithm that takes into account both engaged and disengaged behavior.