It's not Marxism at all.
The core of Marxism (i.e. what differentiates Marxism from other types of Socialism; from pre-Marxist Communism) is historical materialism - which stems from idea that society is defined and shaped through the way it organizes production of goods necessary for its existence (aka Basis). Which is why you can't have society (well, not for long) where something contradicts Basis - either society will keel over (as it can't produce means of sustenance), or offending factor will be eliminated (which is far more likely).
Hence, Marx took pains to define Capitalist mode of production, so as to demonstrate how it functions - only through this explanation does Marx introduce the idea of classes (and other concepts, like surplus value).
Marx referred to Capitalist mode of production as Capitalist because it was based on ownership of Capital.
And what does Wolff do?
First, he rejects the idea that relations of production are the main factor. He claims that is had to be supplemented by distribution of "surplus value" (which Marx refused to define outside of mode of production and ridiculed Physiocrats for doing so, as it clearly secondary to mode of production), which is also used to define classes - and only then does his idea of mode of production take shape.
I.e. Wolff moves in the direction that is the opposite to Marxism, since he starts with undefined abstract concepts and then tries to describe reality through them - rather than taking reality and defining abstract concepts through observable interactions. He goes cargo-cultist.
Secondly, he uses the term "Capitalism" to define something which is not Capitalist in any concievable way even by Wolff's own admisission. He himself openly rejects the idea that his analysis is based on ownership of Capital (not alone, at least) - hence, neither regular Capitalism nor "State Capitalism" (the word originally had absolutely different meaning) should be used to define whatever it is that he is against.
He should refer to this as Intersectionally Exploitative mode of production or whatever term would describe his ideas. Instead he goes cargo-cultist and keeps using the term "Capitalism" even when ownership __completely_ ceased to exist (as is the case under "State Capitalism").
Apparently, "Capitalism" is understood by Wolff as "something I don't like".
He admitted this numerous times. He also keeps making batshit crazy claims, like "Akshually, Marxism doesn't exist!".
For example, his recent reply to Jordan Peterson where he attempted to "defend" Marxism.
youtu.be/VdHO78PWr_8?t=1140
>> There is no Marxism there are only MarxismS and if you don't have the time and interest to learn about the different ones that's fine but to use it in the singular is bizarre and says more about you than it does about the subject .
I.e. Wolff tries to act as the strawman Communist (Post-Modernist Neo-Marxist) that right-wing moron Peterson preaches about. Those two wankers literally share the same political paradigm.
Stop being retarded.
Firstly, he writes books and articles.
Secondly, he has a whole movement (Democracy at Work) of brainwashed "Marxists" that tries to subvert and/or destroy whatever shitty Socialist movements try to rise in the political cesspool of US.
Thirdly, if you express your opinion in public, people are permitted to reply.
We are approaching 1933, not 1917. Will you wake up only when nukes start falling?