Looking at the dependencies of image_fetcher the one that stands out to me is "//components/keyed_service/core". I tend to think of keyed services as a //chrome/ (or embedder) layer concept, so it is a tad bit strange to see //content depend on it. The good news is that there isn't a circular dependency, since the image_fetcher depends only on the "core/" part of the keyed services, which is independent of content. It does bring with it "//components/prefs", which is another concept that tends to be at a level above content. It is also clean from circular dependencies, so it also seems ok.
Based on this, it looks mechanically "safe", but on a logical level it is not very clear to me whether //content/ depending on keyed services and prefs is an ok thing to do. Any other thoughts from other content/OWNERS?
Thanks!
Nasko