Traditional gesso is a mixture of a glue, usually rabbit skin glue, chalk, and white pigment.
Acrylic “gesso” is more properly termed acrylic ground. It is composed of acrylic polymer medium, calcium carbonate (chalk), white pigment (although you can get it in a rainbow of colors), and additives for flexibility and archival qualities. It is much like a thin paint.
Basically a binder plus calcium carbonate for tooth and absorbency.
"Let the paint be paint" --John Marin