I would not call it 'wear' - It takes thousands of hours of rotating the PK-Ring or a lens to start to show any wear on the lightly greased chrome where it is held against the mount, it does not wear like that. The materials of the mount are carefully chosen for the same reason.
On cameras with high usage, a lot of lens changes you can see the chrome starting to wear at this point but this has zero impact on how much the lens will wobble.
I would call it 'damage' due to 'rough treatment' while handling the lens-camera due to large sideways forces on the side of the lens/PK-Ring when mounted on the lens mount for instance while mounted on a tripod.
If the' wobble' is indeed like a 'Tilt' in a Tilt and Shift lens motion, see if it is between the lens and PK-Ring or the PK-Ring and camera to determine where the wobble is.
Also I have seen several PK-11A with loose screws in the mount this gives Tilt in the lens and PK-Ring connection. Easy to fix just tighten the screws.
What happens when tilting a 'non-tilt' lens is one of two depending on the design;
A - Steel spring design - All Nikon camera mounts and Nikon TC's
The steel spring is compressed fully and can loose the original shape and therefore loose the 'pre-tension' it was designed with.
Disassemble the camera mount or extension ring and recreate the original shape of the steel insert, callipers can be used easily to check the height of the curve of the spring.
B - Split bayonet tongues- Some Nikon extension rings and third party products.
As Bjørn states these can be 're-opened' with a small screwdriver,,,