1)Almost any mathematical abstraction can be used to match existing understanding of physics. Graphs, or groups or cellular automata. It is not wrong to try different kinds of those abstractions and there is nothing wrong with Wolfram's ideas in this department.
2) What matters is if you can deliver new insights from your model - be it general relativity, quantum mechanics or hypergraphs. Here his theory is extremely weak. Only two numerical values have been offered and they are experimentally non-testable as they are 50 orders of magnitude smaller than even corresponding Plank units (!) There are plenty of fringe theories with better predictive ability.