Wayne's World might seem like a poor choice to make into a video game, but remember who ends up sponsoring the show in the movie? Noah's Arcade. It would be completely in-character for Noah Vanderhoff to push for video games based on the show.
Furthermore, the SNES and Genesis game is explicitly stated to take place in the Fictional Video GameZantar, which was in fact mentioned in the movie, as The Angry Video Game Nerd noted. Except, instead of a medieval setting, it has a caricatured contemporary setting (parodying Dolled-Up Installment). If you think about it, it's actually very faithful to the source material, in its own twisted way. It's like if Wayne and Garth themselves designed the game.
