Custom taxonomy hide meta box but show in menu

You’re looking for the meta_box_cb argument.

$args = array(
    'hierarchical'      => true,
    'labels'            => $labels,
    'show_ui'           => false,
    'show_admin_column' => false,
    'show_in_menu'      => true,
    'show_in_nav_menus' => true,
    'query_var'         => true,
    'rewrite'           => array( 'slug' => 'wheel' ),

    'meta_box_cb'       => false,
);

register_taxonomy( 'wheel', array( 'product' ), $args );

You can also define a custom callback function for displaying your own metabox if you’d like. Refer to the documentation for register_taxonomy().