I like to think of it like this;
KE of the object (e.g satellite) needs to be equivalent to the work done for going against the gravitational pull by the body exerting the pull (e.g planet) in order to escape. If KE was less than the potential then it would be inside and if KE was greater it would be outside the pull of the body. The escape velocity is the minimum velocity needed to escape the pull of such body.
Pretty sure there's others way to interpret the derivation but this one makes sense for me.