The wizard does one thing: nuke. You'd think their damage would be really good. In short bursts, it actually is. But over an hour long group chain pulling, wizard is the lowest total damage across all levels. This gets better after 40ish, but they are still in the bottom (next to rogue ironically). An elementalist's fire pet alone will out damage a wizard in chain pull greater than 3 mobs.
Wizard has high mana high damage spells. They are good for quickly taking out a target. But that's almost never important. Like ever. You could bring an enchanter to INSTANTLY lock down a target as long as you want, and they bring more utility and way more dps even after the charm nerfs. Evac is it's only valuable utility, and that isn't worth having garbage damage.
The biggest problem is wizard has the some of the least mana efficient damage spells among all of the pure casters. Even healer damage spells are more mana efficient on average, and reclaim magic is a joke. All of the mana regen in the world won't help because the costs are just too high.
There is 1 fix to wizard's problem: make damage more efficient. You can either lower mana costs or increase base damage. It should actually be the most efficient damage in the game imo. Wizards ONLY thing is dealing damage, it's crazy that they aren't more powerful.