Understanding the relationship of Pulse and Stepper RPM
The real answer to this question requires understanding exactly what hardware you have. The formula, assuming one step per pulse, is that the delay should be:

wait = (MicroSecondsPerMinute)(1/RPM)(1/PulsesPerRevolution) - overhead

where overhead is the extra time it takes to run digitalWrite twice and loop. It is small, but if it were zero your code would not work because the amount of time your signal is LOW would be zero as well.

Your numbers suggest Pulses Per Revolution is around 1891. This will be the product of how many steps per revolution the motor is wired for and how many bits of microstepping the driver is doing. A 225 step motor with 3 bit microstepping (8 fractional steps per "true" step) would have PPR of 1800 for example. Your number does not precisely match any common setups, but is exactly in the range expected, with 1600 and 2000 being normal for small steppers.

Because of the "overhead" term, RPM as a function of wait should not be linear. Your constant value should be a function of RPM; in fact, when RPM gets much larger than the number of Microseconds per minute it should converge to being equal to RPM. In this case your RPM is so low that approximating it to 17 is probably valid and all error too small to notice. It could be causing some of the oddness of your PPR value though.