On a personal note, I detest the use of "-wise" to coin new words. It has an ugly sound, and tends to be used in places where a perfectly good word or phrase already exists.

However, in informal speech, almost anything goes, I suppose. I do cringe, internally, when other people use the form, but I hope I don't let it show.

So far as "street-wise" is concerned, this is an entirely different usage, for which I can see no real objection. It has the meaning of "wise in the way that life is lived in a particular context", whereas the suffix of which I have just complained (somewhat tetchily, I fear!) has the meaning of "tending towards" or "having to do with," or possible "matters concerning."
E.g., "He is a smooth operator, business-wise" means that he has a certain amount of acumen in matters concerning business. (There is, I suppose, a faint connotation that he is such a smooth operator in other aspects of life!)