A lot of it has to do with personal preference, but what also need to be considered is the type of edge you will end up with, based on the size of wheel you choose. All too often what many call a "hollow" grind is really a perversion of a hollow grind. A true hollow grind is one where the "hollow" starts at the spine of a blade, and terminates at the edge, with very minimal edge bevels. The most common examples are well made straight razors.
What most do these days in terms of a "hollow" grind stems from what a production knife company came up with a few decades ago..... a hollow that does not extend to the spine of the blade (sometimes only 1/2-3/4 of the blade is hollow ground), and leaves the edge overly thick, necessitating very large/obtuse edge bevels. This was first done to compensate for steel that was too hard, in an attempt to prevent edges from chipping, and/or blades from breaking. For some reason it caught on, and in many circles it's now considered the "norm" for hollow grinds. It's easy to spot....when you look at an knife with this type of grind, the edge bevels are generally way oversized, and very obtuse. Personally I've never understood why anyone would want to build that kind of cutting resistance into a blade. But as with others things, many do it simply because someone else told them "Its the best".
OK, all that being said, while a true hollow grind does have a place in the knife world, I choose to only use it on those type blades where it's a benefit rather then a hindrance. I've seen hollow grinds done with everything from a 3" wheel, all the way up to 18-20" wheels. The smaller the wheel, obviously the smaller the "hollow". The most common size wheel I have seen over the years is a 10". Personally, when I do produce a blade with a hollow grind, I will most often use a 10" wheel, but because I demand that the grind be "right", and not one of those aforementioned perversions, the size wheel is determined by the thickness and width (edge to spine) of the blade.