Where did the “wheel” group get its name?

The wheel group on *nix computers typically refers to the group with some sort of root-like access. I’ve heard that on some *nixes it’s the group of users with the right to run su, but on Linux that seems to be anyone (although you need the root password, naturally). On Linux distributions I’ve used it seems to be the group that by default has the right to use sudo; there’s an entry in sudoers for them:

How is sudo intended to be used?

I’ve tried configuring sudo before, but I haven’t had too much luck with it. How is it different from su -l -c "x"? It seems that via the configuration file, one can make it so a user can only have access to certain commands and more. I always thought of sudo as a way of one-lining a command as another user or group. Since distros like Ubuntu and Mint make it easy by essentially giving the main user easy access to root via a password, I’m not really sure what its intended use is.