IMO it was a case of right place, right time for Wenger, his record before he arrived was nothing to ride home about.
When he arrived, he had knowledge of the French market, in a period the golden generation of French players were coming through, so he could cherry pick the best players, couple that with inherting arguably the best defence to ever come out of English football in Dixon, Winterburn, Adams, Keown, Bould and Seaman and one of the best players ever Bergkamp as well as players like Parlour and of course right.
He built a team using his knowledge of French football and those top class players who with drive, hunger and an incredible desire to succeed, yes he did change diets and extend their careers but essentially he inherited those qualities, adding to that players of the class of Overmars (someone people knew was top class). He then set about bringing in a 2nd group of players who very much learnt that winning mentality from the likes of Adams and co, he picked up Campbell on a free which also helped and again used his knowledge of the French market to pick up players such as Lauren and Henry (and of course Pires though his quality was well known as Real were also after him).
His limitations as a manager were always there, but the
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leaders on the field
compensated for those glaring weaknesses, essentially making AW seem a better manager than he was.
It was all going perfectly until he overestimated his own management ability by trying to turn us into a mini Barcelona, at the same time abandoning all the principles that made the team successful, desire, leadership, power, pace, what's worse is the clearout was completed so quickly none of the younger players were able to learn from the experienced players, who could teach them so much, including giving them a drive to succeed.
The rest is history, without the leadership and quality on the field to do his job for him, the collapses began, every season we watched as his teams collapsed like a house of cards in a hurricane, yet he continued with his fantasy about building a team from some youth project he was obssessed with, at no point returning to the principles that brought success, luckily for him he had a loyal fanbase which believed he could do no wrong and thought he Arsenal was nothng without him.
In that time he became untouchable and started to believe the hype, in a way the fans created the monster that is Arsenal today with blind support for a guy with clearly limited management ability and that's the truth IMO, he's not changed, it's just that his team don't have the qualities to mask his limitations anymore and he doesn't see that, which is exactly what leads me to think the his successes were more about right place right time than anything else.