"Wolf" because it's body shape is like a low (short) wolf.

"Tasmanian" because that's where it was discovered and lived.

Its scientific name - "Thylacinus cynocephalus" - means "pouched thing" or "pouched dog", "with a dog's head" (or "dog headed pouched dog")

It was also called a "hyena" and/or "hyena opposum"

Nicknames include "Tassie tiger" (also spelled "Tazzy Tiger")

And perhaps (arguably) most commonly now called the "thylacine" - derived from it's scientific name.

Cheers,