what exactlyyyyy does it do?

Heres an example if you have the trait you could find the holy hand grenade but if you didnt have it you get a mini nuke

Change the Wasteland into something more wacky. Like finding a whip and a fedora in a freezer in the middle of the nuke test area.

Wild Wasteland does seem like a good trait to take....on your second playthrough. I was originally going to take it on my first playthrough, but having read this topic I might go for Small Frame instead (so I can get a boost to my stats).