When JS talks about "being 'in' on every deal" it's this. We don't know the price/contract for Fowler, but he's a bargain at some price and a roster-killer at a different price. A lot of GMs would look at it and think, "not worth the effort" and 3 weeks later might be surprised at a 1 yr "prove-it" deal and regret that they rushed to judgement....
It's also a way JS "chases edges". We know Fowler isn't going to be a weekly game wrecker at this point in his career. But he might improve the depth or rotation or bring some knowledge to mentor younger guys... or anything that improves, there's possible value. It won't be revealed in his stats, but neither was the value Cooper Kupp, or Bobo or Big Cat or...or....
...and who knows, maybe he'll get two fumble recovery TDs in one game and change how opponents pass-protect the rest of the season. ...or maybe he's too expensive but the pursuit shows the staff we're putting in more effort and looking everywhere for any edge, and shows the players they always have a shot at another contract in Seattle if they add value.
This is why JS wins Exec of the Year. ...not the big splashy, no-brainer moves, like re-signing JSN or picking a good player in round 1.