Wraps do support the wrist however, the wrist is not the major concern. It is the metacarpal bones, more so the 4th and 5th with the 5th being broken the most. When the fist strikes a hard object (like the head) in manner a modern boxer punches the metacarpals tend to spread apart, distorts, and break under the stress. The wrapping helps prevent the spreading apart and distorting of the metacarpals as well as helping to support the wrist. The shape of the glove actually prevents the fist from being fully formed which helps prevent the distorting of the metacarpals.
Gloves prevent what I would consider proper punching technique.
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