Nefarius I am of the opinion that the more utility a class has the less DPS it should do...
And that's a mantra I've been not only agreeing with, but shouting from the rooftops.
Nefarius any class with the role DPS should be able to faithfully fulfill that role in a group
And each DPS class can fill that role. The mistake you're making is very simple. There are different types of combat and encounters, but you're characterizing wizard performance by only ONE type: how do they perform against a steady stream of blue mobs, spaced perfectly, with zero med time between encounters. In that case, a class like an archer will shine, possibly doubling your sustained DPS. However, in tough encounters, with downtime between encounters, a wizard's DPS rises, while that archer's remains constant. Assume enough downtime, and a wizard does MORE damage than an archer. And please, don't bother denying mathematically inescapable conclusions like this.
Your only counter to this is that "most groups don't fight like this". And that's a good argument. Most groups sit in an easy grind spot till they outlevel it, and pull that steady stream of blues, with as little downtime as possible. Personally, I find that mind-numbingly boring and always push my groups to tougher content. More moving around, red mobs, the toughest named we can find. In those situations, wizards shine.