I think the thread title is a bit harsh but the premise isn't far off the mark.
It's always been a bit safety first under Nuno, even with the gulf of quality between most Championship opponents there were rarely games that Wolves ran away with. Don't want to speak with too much certainty but would imagine there was generally much greater possession in Wolves' favour back then but rather than Biesla style relentless waves of numbers being bombed forward it was that solid base with the back three, always there for the ball to be recycled backwards if an attack hit a dead end, then when the opportunity presented itself you'd get those moments of electric interplay between the front three that could create havoc.
Following promotion we've seen a transition to more of a counter attacking style as the default setup, and it's borne great fruits at times particularly against the bigger sides in the league, but I think there's only so far you can go with that as your primary tactic. Even in previous seasons Wolves' have found themselves tripped up by less ambitious sides, cover off that counter attacking threat with your own cautiousness and, whilst it won't be much fun, you probably won't have a great deal to worry about. So now you have to adapt back to something more akin to the Championship style where you can be more dominant again when the situation dictates but I think Wolves are struggling a bit being caught between two stools.
Up until today I don't think they've seemed anything like as comfortable with the ball as they used to which makes it really difficult to make headway when teams are content to sit off, as increasing numbers of teams will look to do now Wolves are seen as more of a threat given recent successes. That then gives you another problem as some teams will see that you look a bit uneasy with the ball and now they have the option to either sit off being cautious to cover the counter or maybe attempt to get amongst you and see if they can exploit that lack of composure in possession. I'd say since the turn of the year that's been the issue, lack of composure, when teams allow the counter it's not so much of an issue because a quick ball into the channels could pay dividends but if they cover that off and/or really press well then that lack of composure causes problems.
I think there's perhaps a bit too much rigidity with the setup at the moment, it's like Nuno is looking for a one stop shop tactic that will work every week but it ends up being a bit of a fudge that doesn't really suit any situation, like this weird thing of picking a team to play 343 then lining up 352 which buggers both Neto and Podence into positions where they aren't going to excel. There needs to be more flexibility with both tactics and selection to suit the opponent/situation, though with Nuno's preference for a small squad you're always going to be struggling to some extent to provide a great deal of options to allow much variation.
Take today as an example, Newcastle didn't really offer much of anything in the way of ambition but Wolves still didn't really go for the jugular at any point, not so much Wolves being kept at arms length but willing standing out of arms reach. There were large periods of the game where Wolves just seem to abandon central midfield and restrict themselves to trying to play around the outside of their opponent but in doing that it usually drags the wide forwards into wider positions to create overloads and then you struggle to get any numbers in the box to get on the end of anything you may create. In the period just before the opening goal Newcastle had completely dropped off with Wilson stood inside his own half just watching the back three, then Neves decides he needs to drop in ahead of Wilson to get on the ball, why? If you can't trust one of the three centre halves to bring it over the halfway line under zero pressure then what is the point? No-one from Newcastle's midfield would follow Neves in there so he's not creating any spaces to be exploited, merely stacking the numbers further in Newcastle's favour when you try to go forward.
You've also got this long standing thing of being seemingly content with essentially writing off the first 45 minutes of a game, get through it with as little incident as possible and then do what you can with a 45 minute match after the break. It seems a bit arrogant at times that Wolves think they can pick and choose when they want to play rather than playing each game on it's own merits and responding to the situation as it develops.
Ended up as a bit of a ramble but think sort of mirrors my feelings, there isn't really any one thing in particular wrong with the team or the tactics, but several smaller issues which can compound in certain situations and make it appear to be much worse than it is.