The best Electric move out there on the Physical side? Lightning Strike. But wait! Signature move for Zekrom. I suppose there's Volt Tackle... nope. Pikachu line's signature, and once again, recoil. So for now, Electivire's stuck with Wild Charge. I wish the Electric type had better physical options, but you can't get everything you want.
Besides, some Pokes benefit greatly from Wild Charge, despite the recoil. One big example is Luxray.
Also, there's the fact that Electivire can hardly take a hit, anyway.
Yeah, it's physical defense is... meh.
Electivire plus Gyarados equals battle cleaning.
Gyarados' major Electric weakness = Motor Drive for E-vire. Electivire's Ground weakness = safe switch for Gyara.
That's why GyarVire was quite popular in early DP. That, and E-vire's hype at the time, LOL.