I think that wool should be a soft place to land on. I tried to check it.
I jumped from a high place and landed on wool.

What I expected: soft landing. Wool should absorb fall damage.

What happened: fall damage. Like landing on any other block.

To reproduce:
1. Place wool
2. Build a high place near the wool
3. Jump from a high place and land on wool
4. OUCH!