This is a circular argument (as is Meltzer's reporting of it).
If Reigns did fail a drug test (for the record, I don't see any reason why he would be on 'roids and think it does smack of someone with an agenda making up a story) and Vince didn't report it out, or even denied such a report, there's not exactly any way Vince gets in some kind of trouble for it. There's no law saying pro wrestlers can't use steroids (at least not any more of one than applies to actors, bodybuilders, powerlifters, normal folks) and the fact that pro wrestlers use steroids is so widespread and accepted that most people are under the impression that every pro wrestler in the biz is a 'roid freak (even when physical evidence pretty strongly militates against it.....how's it goin', Colt Cabana?). The only thing on the line here is Vince's "reputation", which is so bad it can't be recovered in some circles and so golden it can't be tarnished in others. So, if Reigns failed and Vince denies the report/rumor, no big deal.
On the other hand, if Reigns didn't fail a piss test and is clean, what's WWE going to say?
Unless one of you guys is going to pay off the WWE doctor/lab who ran the test and get definitive evidence that there was a failed test, there's no way we'll ever know if this is right or not.
Oh, and by the way, Meltzer is probably the best and most honest pro wrestling reporter out there, which is kinda like saying I'm the biggest guy in Lilliput.
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