The one thing Wallace has is speed and in this case, speed kills... one's judgement by overlooking all of his many other deficiencies as a "WR".
If you were expecting him to develop into some kind of complete WR, that's on you. He was always a speedy deep threat and has had to be shoehorned into this new role through a combination of the inability to hit the deep throw and now the lack of time to even attempt it. He's certainly not one of the worst on the team.