Yes, yes, woe is the individual in modern capitalist society but the only reason people are reacting to this are that they don't understand it and they've been told it's something much more emotionally impactful than it actually is.
I think it's much more likely that they're reacting like this because they see their own plight in the wolf. It doesn't matter why the wolf killed itself, it became a meme that allowed many Chinese to reflect together on a common plight.
This seems like a common refrain when we see radicalized engineering students from less-developed countries, who are notably common in extremist groups. They're people on a very difficult path (an engineering program!) with no real path to success (living in a society where unemployment for people with degrees is very high). Cost for continuing on the path is high, and there's no obvious path to get the good outcomes.