Someone mentioned his apparently failed earlier work ANKOS. I had to look that up - it is 2002 book by Wolfram with seemingly similar ideas:
https://en.wikipedia.org/wiki/A_New_Kind_of_Science
But exactly what is the problem here? Other than perhaps a very mechanical view of the universe (which he shares with many other authors) where it is hard to explain things like consciousness and other complex behaviors.
With Wolfram it is usually the grandstanding and taking credit for other people's work. Inventing new words for old things is part and parcel of that. He has a lot in common with Schmidhuber, both are arguably very smart people but the fact that other people can be just as smart doesn't seem to fit their worldview.