I would never give anyone a wish list unless they specifically asked for one. My husband and my mother-in-law are the only ones that ask, and even then I am careful to put just a few items of modest budget, and I also am sure to add 'but these are just ideas, please don't feel compelled to get something from the list'. If someone gave me a wish list without my asking them (I do ask my husband and mother-in-law for their wish lists), but if someone gave me one WITHOUT me asking, yes I would be insulted. I would try to handle the situation gracefully but make no definite commitment to the gift list, e.g. I would say to the person handing me the list "Thank you for this list, this will give me some helpful ideas. However, it's quite possible I might come up with my own ideas while out shopping."
The only two situations where I would be entirely OK if someone gave me a wish list to choose from would be a) a wedding (but not a second or subsequent wedding) and b) a baby shower (but only for a first baby).