Shebang in consolefont file has a typo, it references /usr/bin/ash (which is non-exiting).
Should point to /usr/bin/bash instead.

$ pacman -Qi mkinitcpio | grep Version
Version : 23-1

$ cat /usr/lib/initcpio/hooks/consolefont
#!/usr/bin/ash

run_hook() {
if [ -e /consolefont.psfu ]; then
msg -n ":: Loading console font..."
setfont -C /dev/console /consolefont.psfu
msg "done."
elif [ -e /consolefont.psf ]; then
msg -n ":: Loading console font..."
setfont -C /dev/console /consolefont.psf
msg "done."
else
msg "No consolefont found despite added hook."
fi
}

# vim: set ft=sh ts=4 sw=4 et: