It wasn't the bare form of his AW win Mo, it was the manner in which he won it. It's clearly a mile off what is required to win a Guineas but as you say, there's bits in his two year old form that give him a squeak.
He's clearly no good thing but we know he's fit and well whereas we're guessing with the likes of Saxon Warrior and Elarqam and quite simply I'd much prefer to back him at 40/1 e/w than the fav at 2/1.