As much as I love the wheel system . I honestly feel like its very very limited if I compare it with older games like Baldur's Gate 2 and Kotor games .
No it isn't. The wheel has 5 dialogue options, plus a sixth which opens another wheel of 5. So the limit is 10 options, though they rarely use them all. DA:O's text list was hard coded to cut off more than six options, so technically that was the more limited system.
The thing is that the text list has very little cost to offer the player a dialogue line, so they'll tend to give you all six even though they all have exactly the same response or less than six responses shared between them. The KotOR2 pic you linked is from a scene where the Exile talks to themselves with no input on anything happening at all.
Beyond that text list systems frequently give you three or less options with no consequence, and DA2 frequently gave you four or five branching options.
Even the Investigate tree wasn't that great . If you recall proprely in Mass effect , it had 2 options that had to be filled with renegade/Paragon . Then 2 others reply . So that give you 7 possibles replys . Not enough for 3 emotional state .
The paragon/renegade options could be used in other situations for other things, but Mass Effect's use of the wheel was pretty terrible anyway.