We had a similar issue. Reinstalling ArcMap 10.5.1 many times worked for one day or so, and then again, the same bad image error.
Following the advise of an ESRI support analyst, we uninstalled ArcMap one more time and made a deeper cleaning by deleting folders and registry keys at
1. C:\ Program Files(*86) \ common files \ ArcGIS
2. C:\ program files(*86) \ ArcGIS \Desktop 3
3. C:\ users \ <User profile> \ AppData \ Roaming \ ESRI,
4. C:\ users \ <User profile> \ Documents \ ArcGIS,
5. Open your registry editor, HKEY_LocalMachine \ Software \ Wow6432Node \ ESRI
6. HKEY_CurrentUser \ Software \ ESRI
After that, we installed a previous version (10.4.1), which has been working without issues for a few days now.
In summary, we think that we have fixed the issue, but we are not sure if it was the deeper cleaning after uninstalling or just using the older version of ArcMap what solved the problem.
I hope this helps.