You look at the 7 relievers (while Eck is listed with relievers, anyone who starts over 300 games is a hybrid and which skews some of the numbers that are used to evaluate HoF worthiness) that are in the HoF and there are 3 no doubters in Rivera, Gossage, and Wilhelm. Smith, Hoffman, Sutter, and Fingers are then dispersed in the next 20 to 30 depending on numbers used.
I think the overemphasis on WAR is hurting Wagner, as well as his longevity relative to those who are in the hall. Helping him is the 2nd highest ERA+ of hall eligible relievers. Hurting him is a 19.8 bWAR in his best 7 seasons with a max WAR of only 3.4. He also doesn't have a tremendous playoff resume to assist him. While this is not entirely fair to those players who didn't play on the greatest teams, it can be that which puts someone over the edge. Mo wouldn't have been 100% without his postseason dominance.
Overall, I agree with you that Wagner should be in the Hall. He is moving upward slowly and has another 5 years to get it done. He has my vote if they were to open it up.