Heck, even the PHB handwaves material components!!
"As long as the wizard has access to his spell component pouch, you can assume he has any non gold costing material components"
Just drop them except for the expensive ones. We can still have spells that have material components (expensive ones), but drop them for most spells.
But spellbooks should stay. They aren't just flavor, they are an important mechanical balance of the wizard. The wizard has access to a ton of spells if he provides the money to get them. That's a huge factor, and one that should stay provided the wizard continues to cast in any way shape or fashion like he does in 3x.