Steel WILL cause wear and tear on your rifle at an accelerated rate, more so than just the chamber and extractor either, since steel cased ammo almost always used much dirtier powder that can also be gritty. It can be a pain to clean.
Also, steel doesn't slide quite as smooth as brass, so they lubricate the cases with polymer. I have heard that the coating leaves a slight residue in the chamber which can build up over time. This isn't an issue if you just keep shooting steel, since steel does not expand when fired, but brass cases will expand in the chamber when fired, and if there is enough residue and the gun is hot enough, the case will be stuck in the chamber.
I have never seen any real evidence about this, but I know that the one case that I've ever seen stuck in a chamber was a brass case after a lot of steel cased ammo had been ran through a mini 14 fairly quickly.
I also wouldn't hunt with it, velocities are low.
Nothing inherently wrong with steel though, all varieties of wolf are actually acceptably accurate in my sig, around 4MOA, which is plenty good for plinking ammo. Not really good enough for target shooting, but nothing wrong with plinking either. I can say that the 62gr green tip surplus is much less accurate, as is the remington 333 round packs at walmart right now.
I wouldn't own a rifle that wouldn't at least feed wolf.