The following macro embeds all Shapes & InlineShapes in a document in tables as InlineShapes with a row for Captions. Whatever positioning applied to the original Shape object will apply to the table also.

As specified, the macro sets the inserted image heights to 2in.
Sub MakeImageTables()
Dim iShp As InlineShape, Rng As Range, Tbl As Table
Dim i As Long, PicWdth As Single, PicHght As Single, VPos As Single
Dim HPos As Single, VRel As Long, HRel As Long, BShp As Boolean
PicHght = InchesToPoints(2)
With ActiveDocument
  For i = 1 To .InlineShapes.Count
    If .InlineShapes(i).Range.Information(wdWithInTable) = False Then
      With .InlineShapes(i)
        .LockAspectRatio = True
        .Height = PicHght
        PicWdth = .Width
        Set Rng = .Range
      End With
      With Rng
        If .Characters.Last.Next.Text = vbCr Then .Characters.Last.Next.Text = vbNullString
        .InlineShapes(1).Range.Cut
      End With
      BShp = False: VRel = 0: HRel = 0: VPos = 0: HPos = 0
      Call MakeImageTable(Rng, PicWdth, PicHght, BShp, VRel, HRel, VPos, HPos)
    End If
  Next
  While .Shapes.Count > 0
    BShp = True
    With .Shapes(1)
      .LockAspectRatio = True
      .Height = PicHght
      PicWdth = .Width
      VRel = .RelativeVerticalPosition
      HRel = .RelativeHorizontalPosition
      VPos = .Top
      HPos = .Left
      Set iShp = .ConvertToInlineShape
    End With
    With iShp
      Set Rng = .Range
      .Range.Cut
    End With
    Call MakeImageTable(Rng, PicWdth, PicHght, BShp, VRel, HRel, VPos, HPos)
  Wend
End With
End Sub
 
Sub MakeImageTable(Rng As Range, PicWdth As Single, PicHght As Single, BShp As Boolean, _
  VRel As Long, HRel As Long, VPos As Single, HPos As Single)
Dim Tbl As Table, sngScl As Single, iShp As InlineShape
'Create & format the table
Set Tbl = Rng.Tables.Add(Range:=Rng, Numrows:=1, NumColumns:=1)
With Tbl
  .Borders.Enable = True
  .Columns.Width = PicWdth
  .TopPadding = 0
  .BottomPadding = 0
  .LeftPadding = 0
  .RightPadding = 0
  .Spacing = 0
  .Rows(1).HeightRule = wdRowHeightExactly
  .Rows(1).Height = PicHght
  With .Rows
    .LeftIndent = 0
    If BShp = True Then
      .WrapAroundText = True
      .HorizontalPosition = HPos
      .RelativeHorizontalPosition = HRel
      .VerticalPosition = VPos
      .RelativeVerticalPosition = VRel
      .AllowOverlap = False
    End If
  End With
  With .Cell(1, 1).Range
    With .ParagraphFormat
      .SpaceBefore = 0
      .SpaceAfter = 0
      .LeftIndent = 0
      .RightIndent = 0
      .FirstLineIndent = 0
      .KeepWithNext = True
    End With
    .Paste
  End With
End With
End Sub
As coded, the macro will reformat all extra-table images in the document. To work with just the selected image (or multiple images in a selected range), change:
With ActiveDocument
to:
With Selection
and change:
While .Shapes.Count > 0
With .Shapes(1)
to:
While .ShapeRange.Count > 0
With .ShapeRange(1)