Nice catch.
My first thought was, why not? Reinvention can be a good thing, if you make incremental improvements (in the world of clichés, I believe that's called building a better mousetrap).
I wondered if maybe the idiom could be used positively or negatively, depending on the surrounding words. For example, I'd consider the expression:
Don't reinvent the wheel.
to be negative, as you describe. However, the phrase:
...continues to reinvent the wheel.
might have positive connotations, suggesting perpetual improvements. So, I looked for some examples. I did find this one:
The artist continually reinvents the wheel — constantly striving for a sublime composition of balance, harmony and refinement.
but the vast majority of the findings were indeed negative:
The idea behind design patterns is to not continually reinvent the wheel.
Moreover, lack of interchange with other teams also often leads researchers to continually reinvent the wheel.
Clients don't want to pay for suppliers to continually reinvent the wheel.
The more I thought about it, the more I wondered if the writer didn't mean to say:
Eminem has continued to reinvent himself, putting his life on display, through a bevy of syllable-heavy, metaphor-driven cuts.
Reinvention of the wheel seems to be a bad thing – a waste of time – but reinvention of self seems to be associated with quests to remain relevant, or on top of your game.
I don't know if I'd go so far as to call your cited usage incorrect, but I don't think an editor's call to maybe strive for a more apt metaphor would be out of order.
The negative version of the phrase is similar to "jumping through hoops"; in other words, performing a physically demanding or tiring task for a small or shallow reward. In this case, it's referring to the act of wasting your mental strength thinking about something that doesn't deserve the time and effort.
The positive version takes into account the positive connotation behind exercising: the brain is a muscle, and giving it a "work out" strengthens it. In this case, doing "unnecessary work" is still of benefit.
I believe the first version is, as you said, far more common, but both seem to make sense in their own contexts.
Best Answer
This may be somewhat opinion based, but I don't think that wobble is negative-sounding in and of itself. I think it is fun and silly, in a good way - and it seems to strike the right tone for a web tool, as these often do have silly names (such as 'Pyjamas' or 'Mustache').
Positive meanings of wobble are found in the wobbling of a jelly, or a musical wobble board - and musician Jah Wobble chose it as a name that "people would never forget".
I would think that calling a software tool 'wobble' would only be negative if the tool starts to get a reputation for being unreliable - but of course you are going to make sure that doesn't happen, aren't you?