If you're into the why's and how and the whatnots (probably not, but it takes my mind off the idiotic situation in my country), here's the whys:
1) The glyph conversion means your glyphs get drained of CP as you convert other stuff (the CP gets transferred). This is so you can ge more mileage out of being able to pick them all up. Otherwise all the other guys could get all their conversion when they wanted, and if the wizard wanted conversion points he'd have to scrifice his flexiblility which is what he was supposed to be all about.
2) Why no attack penalty? Well, it's a bit complicated (and only the devs can confirm it) but the attack penalty and the CP benefits got changed at the same time. At the time people were complaining about the wizard as being newbie unfriendly because of the attack bonus. He was bloody strong, tbh, but you couldn't tell because he was really weak in the beggining of the game when there isn't so much spellcaster support laying around. So people would avoid him in the beggining and later unlock "better" spellcasters and never either revisit him or give him enough time to figure out that he's both good and that his attack penaly was meaningless in the long run.
I mean there were probably other considerations, like his attack penalty didn't in fact affecr pissorf damage, and the wizard is the king of pissorff, but this was unintuitive and confusing so people whouldn't naturally even feel inclined to try it out (it's really good with the right tools). So the devs let him be flexible and have his CP as well as made him have an easier time in the early game.
What's strange now is that he actually has a skillset that deserves a penalty - -1 mana per glyph is very, very powerful, glyph scouting is very, very powerful, free inventory space is very, very powerful and getting CP while keeping all your glyhs is also very powerful. And all of it is completely unique. And he even stacks burning faster. And doesn't he start with a fireball glyph? Most of his abilities are utility, but he's still very overloaded
