The quote reflects the idea that some individuals, like Bobbie, are crafted by nature to be oblivious to their shortcomings. This natural design serves to shield them from the pain of awareness and self-doubt that might arise if they were more introspective. Bobbie's shortness of memory acts as a protective barrier, allowing him to navigate life without the burdens of self-awareness or regret.
In essence, this commentary by Wodehouse suggests that a lack of memory can preserve a certain innocence and simplicity in a person's character. It implies that this quality, while it may seem foolish, offers a unique form of protection that prevents one from becoming disillusioned or overly critical of oneself. In this way, nature finds a way to keep individuals like Bobbie true to their simpler selves, uninterfered by the harsher realities of life.