UMD is Charisma based because it describes your ability to use your personality to affect things outside yourself. It's mental strength, for all intents and purposes. So while you could be bluffing the wand into working for you, it could also be seen as metally strong-arming it into working for you.
Don't forget, you can't take 10 on UMD.
I don't know any fighters with charisma better than 10, or 12 if they rolled really well. It is BY FAR the most dumped stat. Let's assume 12 Charisma. Now at 9th level you get a fat 6 ranks, which means you have +7 to your UMD. Are you really going to blow a feat on skill focus? Ok, let's assume you do, for some strange reason.... now you have +10. You still fail to activate a wand 1/2 the time.
Why is this overpowered, when the party rogue, bard, cleric, sorcerer, or wizard could just pick up the wand and use it on you anyway? You've spent a feat and 12 skill points (from a class that gets so few) in order to sometimes be able to activate a wand. Watch me as I quake in fear.
And don't give me this item of +5 to UMD... that's purely houserule material, and any DM that allows it deserves what he gets.
-The Souljourner
one more thing... a quote from the SRD:
If you fail by 9 or less, you can’t activate the device. If you fail by 10 or more, you suffer a mishap. A mishap means that magical energy gets released but it doesn’t do what you wanted it to do. The default mishaps are that the item affects the wrong target or that uncontrolled magical energy is released, dealing 2d6 points of damage to you.
So mishaps don't happen often once you reach mid levels with crossclass ranks, but up until then, you have a skill that can do as much damage as a greatsword. Fun stuff.