Wire wrap creates a huge tangle of wires that is hard to debug. With careful PCB layout, you can create circuits that operate at microwave frequencies due to the lower parasitics.
Wire wrap circuits can't operate at high frequencies. There is too much series inductance and cross-coupling.
Also, chips are increasingly moving towards surface mount only packaging.
By the way, where are you getting your wire wrap supplies? I didn't know they still made wire wrap guns. I don't know anyone who has used one in the last 15 years.
They are pretty good for that. Honestly, if you didn't want to go through the trouble to get a PCB fabbed by a commercial PCB vendor, wire wrap is a pretty good choice for simple circuits.
When I do that simple stuff like that, I use wires and solder instead of a wire wrap tool. Wire wrap might be a little faster.
If you want to prototype high speed analog/RF circuits without PCBs, take a look at "dirty" or "dead-bug" construction. HAM guys love it for building radios. You assemble your circuit over a piece of bare copper-clad board and solder the pins either directly together or short pieces of wire. People do this with both SMT and thru-hole parts.
But designing microwave PCBs requires significant effort, interesting feature of wirewrap is that it tends to work without careful layout to suprisingly high frequencies (~10MHz) that would start to require careful design for PCBs.
Getting wirewrap guns or wire probably isn't much of problem but what I cannot find for reasonable prices are wirewrap boards.
Wire wrap circuits can't operate at high frequencies. There is too much series inductance and cross-coupling.
Also, chips are increasingly moving towards surface mount only packaging.
By the way, where are you getting your wire wrap supplies? I didn't know they still made wire wrap guns. I don't know anyone who has used one in the last 15 years.