This signing is a wager and probably nowhere near as bad a punt as its critics believe.
It's really not that hard to wrap your head around it. Kepa's cup performances visibly burnt his credibility with the defenders in front of him, and Meslier is probably seen by Iñaki Caña and the rest as a recoverable top flight talent whose stocks have hit rock bottom.
I don't think Arsenal is incompetent enough to sign a player who has no plausible hope of working out. The good news for Meslier is he'll have no inflated fan expectations to manage.