Import Meshed Alpha provides an operator that builds mesh objects from an image's alpha channel in Blender. Images can be brought in through the add-on's import menu or by converting existing image reference planes, in which case the new mesh inherits their object transforms. You reach it via Add Menu > Image > Meshed Alpha, or by right-clicking an image reference object and choosing Convert to Meshed Alpha.
Meshing can be refined through several pre-processing operations that are tweaked non-destructively, with controls in the object properties panel under Alpha to Mesh. Image-processing options include RGB as Alpha, black and white points, invert alpha, predivide, and dilate/erode. Tracing offers curve fitting with spline, poly, or per-pixel modes, plus X/Y alignment, while mesh post-processing covers dissolving surfaces into ngons, XY divisions, ngon triangulation, and removing small islands.
Generated meshes are fully UV unwrapped and can optionally receive a new material with convenience shortcuts for image sampling parameters, including the EEVEE render method, alpha, and color space. A Finalize button disables further editing once the conversion settings are set.