To be fair, I don't think these people ever claimed top four was "****". The complaint was that top four was the extent of our ambition, even at the expense of winning the odd domestic cup (during the 10 year trophy drought Wenger did appear to chuck the odd cup game, as I believe he has admitted himself).
Of course, three in four firmly puts the domestic cup argument to bed, but the broader 'ambition' question remains legitimate. And that's to say nothing of managerial competency.