Well sure, all things are player and situation dependent but unless villains can be described as exceptionally nitty 3-handed it's still a call in my book.
I can see your point. I can also see the value of AJo folding in this situation. FWIW, here is my (over)thinking of the hand:
SITUATION:
* QQ (on the button) has 20 BB. He is probably the loosest/most aggressive of the three.
* TT (in the SB) has 20 BB. He generally plays TAG and is a solid, “thinking” player.
* AJo (in the BB) has 40 BB. He is relatively new to this group, and is something of an unknown. He recently won a big pot vs the TT player (with a five bet) to take the lead.
* There are no antes.
ACTION:
* QQ shoves.
* TT tanks a little, then calls.
* AJo tanks a lot, then calls.
ANALYSIS:
* Unless there is some weird tie on this hand, the game will become heads-up, whether or not AJo calls, since he covers each of the other two;
* If AJo does not even look at his cards and auto mucks, he's guaranteed to be 40 BB vs. 40 BB heads-up;
* If AJo calls, he will either win the tourney, or be a 20 BB vs. 60 BB underdog heads-up.
THOUGHTS:
By calling, AJo is adding variance to the question of whether he places 1st or 2nd. (The difference in payouts here is about $250.) He can win it all, or become a 3-1 underdog heads up. If he folds, he is guaranteed to be 50/50 heads up.
Based on the player types and their stacks, I would expect AJ to be up against one pair (of any rank) and an Ax hand, or against two pairs, or possibly something like a pair and suited connectors. For the sake of argument, here are some sample odds in this range:
QQ 57% • AJo 24% • TT 18%
QQ 68% • AJo 17% • A7s 13%
TT 44% • AJo 20% • AQo 33%
TT 31% • AJo 32% • KQs 36%
So AJo’s chances are between 17%-32%, or lets say generously between 4-1 and 2-1 against. Let's say on average, maybe 25% (3-1).
Is 3-1 worth the call? Either way, he gets to play heads up for the money. But somewhere between 4 in 5 and 2 out of 3 times that he calls, he is going to drop down to a 20 BB vs. 60 BB underdog. The other times, he wins everything.
The stakes are not so high here that it matters so much; in a home setting, probably being a little more gambly is the move. But I would have folded and let one of them get knocked out.
(I know, I know, tl;dr)