Wish is a 9th level spell. Archwizards with 10th and 11th level spells (we'll leave out the one overachiever who cast a 12th level spell) find it quaint.

Lorewise, wish is only more powerful than meteor swarm, or Mordenkainen's disjunction, or prismatic sphere, or other 9th level spells because it has a high cost - if we go back before 3rd edition, that cost was aging 5 years. In 3rd and 3.5 it was experience points. In 5th, it's a smattering of minor problems and a 33% chance of losing the ability to cast the spell again. But essentially the concept is always that it takes something of your life or soul or physical fortutide to allow the spell to exceed ordinary 9th level spells.

This means it is ultimately a powerful but limited spell, both in the rules and in lore.