The Cherries won on penalties after the scores had finished 1-1 after extra-time. Evanilson had Bournemouth ahead before Matheus Cunha struck for Wolves. Cunha missed the shootout after being sent-off at the end of extra-time.
Afterwards, Iraola said: "It's a game only one team tried to win. I think we were in control of the game.
"But they found a way, Cunha, amazing goal. We should have scored two-three goals today.
"VAR, waiting seven minutes.
"It could have easily been three-nil. We don't punish them when we're playing better.
"We were controlling whole of the game. We deserved to go to the next round, but we had to do it in difficult way."
On VAR and semi-automated offsides, he said: "We were pushing a lot. We continued pushing and today we have semi-automatic offside.
"We have semi-automated offsides, it is going to taking a lot. It has cost us 30 games to put it (in). In the first game we need it, it goes against us.
"It doesn't work, they had to draw the lines, seven minutes there waiting.
"It is definitely not a good sign for everyone in involved.
"In most of these cases I remember in the Carabao Cup we were out because they scored with an arm and there was no VAR.
"I think everything has gone against us today and fortunately for us we go to the next round. We should have won this game a lot earlier.
"We missed big chances. Extra-time I don't think they even arrived to our box."
On the penalties, Iraola concluded: "We practice every day when there is a cup competition. It is not only luck, there is things involved. At the end it was a fair result today."