How to achieve this text effect?

I almost never acceptable results warping text with a top object as the distortion makes type look unsymmetrical/sickly distorted. Object >> envelope Distort >> Reset with mesh helps significantly with this, but you need to tweak as I will show in next step.

Below is after tweaking the warp mesh by hollow selecting points and nudging to get the verticals to align. I drew 2 red lines where I did not finish to show how to improve this.

You also might opt to try for a similar but easier effect with fish warp or similar and then apply on the bottom shape with the negative value