O'Neil was put in a really tough situation.
In the micro sense: Lopetegui walked away from the Wolves job right before last season started, so O'Neil had to manage the entire season without getting a preseason with his players. And in the macro sense: 
It's never really clear what Wolves are trying to achieve in a given season. Are they just a weigh-station for players represented by a certain super-agent, or are they actually trying to win soccer games? And even if it's the former, they're no longer scooping up Jorge Mendes's star prospects like 
Rúben Neves and 
Diogo Jota.
That said, this team has been awful. They only have three points, one of which came from a freakish situation where 2-1 leaders Brighton somehow turned a 4-on-1 counter in injury time into a 2-2 draw.
The only positive for O'Neil, at this point, is that the schedule has been 
rough. Wolves have played six of the top seven teams in adjusted goal rating. With his team in last place and a home game against 19th-place 
Southampton coming up, O'Neil's job -- and maybe Wolverhampton's season -- is likely on the line.