From a political perspective, attacking the Wall St label is an effective "enemy of my enemy is my friend" strategy for gaining democratic power with the lower classes -- the people who comprise a democratic majority. Nevermind that the allegations won't stick, not necessarily because of government conspiracy, but because they aren't smart allegations that attack real problems.
Real problems are big and hairy. It's much easier to witch-hunt than it is to solve real problems. The real problem might be that the products Wells Fargo is cross-selling are outdated. It might be that cross-selling is an outdated strategy. These are much harder problems to solve than locking up or fining a CEO who made mistakes in leadership. That's much easier. Because every CEO makes errors in leadership.
Real problems are big and hairy. It's much easier to witch-hunt than it is to solve real problems. The real problem might be that the products Wells Fargo is cross-selling are outdated. It might be that cross-selling is an outdated strategy. These are much harder problems to solve than locking up or fining a CEO who made mistakes in leadership. That's much easier. Because every CEO makes errors in leadership.