Second: All manner of art is studied in college, from novels, to sculpture, to film. TV is but another genre, and while it an unfortunate history of being a "low art", a lot of recent tv definitely rises to level of a lot of the films that are studied in college today.
That being said, I'm a little leery of the context in which the show is being studied. The course is on urban inequality. Even though the wire is very well researched, it's still fiction. If you want to talk about the realities on which the wire is based, why not study those realities directly? Why let an intricately plotted work of fiction serve as your primary window into that world? I'd be fine with showing some scenes from the Wire in a course on urban inequality, but I'd really hate to give students the impression that the Wire is the final authority on what life in Baltimore is like.