Creating new wiki areas is not something that I believe should be automatic whenever a social group is created, in many cases social groups can be created by almost anyone - but you could manage a system where whenever you see a new social group formed worthy of having a wiki area, then you create one.
Once the sub-forum is set up, you can grant the group rights by mapping your Social Groups to User Groups. I'm not sure there is a way to do this in vBulletin by default, or if there is a mod to. It would be pretty easy to come up with one if needed.
That is, when a user joins the particular social group, they are automatically added to the corresponding usergroup that has rights in a particular wiki area.
Please note: While this is possible using modifications, this has been suggested before as a default VaultWiki feature. However, it's a feature that would need to be added to our "Sponsor-a-Feature" page first, and currently there are other more-requested items ahead of it in the queue.