If you google this there are pages and pages of people going through the same thing. I also had old grinders in all the shops I was ever in and never seemed to notice this. But they all had wheels on them that were probably original.
Sorry you seem to have a dud. I thought my new 8" Ryobi was a dud and impossible to get to run right too. Part of it were the pressed badly hubs, so I made new ones on the lathe and got rid of the slight wobble. Helped a little. Went to Norton wheels, but they were just as bad as the ones that came with it. Out of round and out of balance. Was just about to go off the deep end and then found this:
https://www.amazon.com/Oneway-2272-...007RPOE4E/ref=cm_cr_arp_d_product_top?ie=UTF8
Yeah, at $80 it's about what I paid for the grinder, but better the devil I know, so I went for it. Ended up doing some mod's like soaking the bearings on the balancing stand to take most of the grease out of them so there was next to no resistance. And one wheel(the fine grit) was so out of balance I added another washer. But voilà! runs smooth as silk and has stayed that way now for almost 2yrs! I'm a happy camper. NFI, but I wish I'd come up with it as its a very nice rig.