A father who is generally useless, except for non-descript or actively harmful influences, mostly.
'wreckmother' does make sense as an equivalent definition for the other gender, but I don't remember ever using it myself or hearing anyone else saying it.
I got this book out of the library, "Confessions of a Video Vixen", it mentioned "Thriller" and it said that Michael Jackson described his father in 'man in the mirror' as 'wreckfather' - in relation to his upbringing, as one example of the extremes he had had to will himself towards to get himself to the next level of 'commonality' (which in shared reality, happens just to be his term for what most folks call 'normal') - the state of mind in which he recorded the songs for 'Dangerous'.
Since then I - and various folks I've come across in this small corner of NW-London, England - have enjoyed using 'wreckfather' (or more directly, 'shitfather') as a term of parental comment / subsequent rejection.
eg. John puts his lips to the nozzle in a petrol (US: = gas) station, as if a joke - we say: "John! I'm feelin' 'ur father and he's wreckin' ur life! For fuck's sake!". (And also then "Don't joke, man! Don't drink the gasoline" (we'd use stronger words, except I've never needed to 'save' someone who was about to do something irreversible, myself. Other folks I know, say that they have done though.)). And then he'll stop - because if he doesn't we get out of the car and pull the petrol pump out of his hands - even though we're drunk too usually one of us knows well enough what to do best and the rest of us follow.
Anyway so there's "you're deadfather pussywrecked", and "hanging up there point finger your wreckfather" and "wreckfather neglected/hates you, you /loser/" and whatever other variations. I'd love to go back and get them all back knowing it was just a silly, random little insult!