This is the full logic as I understand it:
Decide to choose (e.g., pick) the Ampere as a base unit in SI.
Then, pick the Ampere to have a value such, that it is convenient for household and engineering purposes in the measurement of electric current (no one in everyday life can use numbers like 10-8 etc. , because most people are uncomfortable with the concept of negative numbers, let alone powers of 10). This seems to be the most "fundamental" reason for the value of μ0 and as we shall see, of ε0 also.
Pick the Ampere force law as a defining equation (force between 2 parallel conductors). The Newton and the meter already have fixed definitions, thus we need to adjust the ampere to fit them in the defining equation. But we don`t want to do that, because we have already picked a household-specific value for the ampere. Then, we insert by hand a hand-picked value of a conversion factor, which we call μ0, into the defining equation. We also pick a factor of 4π and insert it into the definition of μ0. It will come in handy later, when we deal with spheres with surface areas of 4πr2.
But, recall that I=\frac{dQ}{dt}, e.g. the electrical current is a `charge flux``, much like the fluid mass flux in a pipe. Then, because time has an established unit of measurement, our hand-picked definition of the Ampere imposes the unit of measurement of the electric charge. This means something has to be adjusted in the Coulomb`s law, where the electric charge is related to force and distance.
Moving on to Coulomb`s law. Force, time and charge now have their defined units of measurement. To reconcile them, insert a factor of ε0 (and throw in a factor of 4π).
Then, because the Coulomb`s law and Ampere force law determine the form of Maxwell`s equations, the new hand-picked factors ε0 and μ0 get to appear in the Maxwell`s equations, where one can derive the relation
c2=\frac{1}{\epsilon_{0}\mu_{0}}.