IT's neither, CGA and EGA are computer terms, JAMMA PCBs output a 15kHz analog signal that is similar to CGA, but CGA implies a bunch of other limitations, like number of colours, etc. I quote: "Refers to the IBM Color Graphics Adapter, which had graphics modes capable of 320x200 in 4 colors and 640x200 in 2 colors."
EGA was pure digital which is basically compatible with nothing and totally useless for arcade use.
JAMMA Arcade games loosely stick to the same format: negative composite sync, 3-channel monochrome video (one each for Red, Green + Blue), operating at 15kHz horizontal and approximately 60Hz vertical. Some PCBs stray from this with oddball vertical rates (Seibu's Raiden Fighters series is bad for this @ 54Hz) but most all JAMMA games are the same.