The hosts crossed for a try after only three minutes with Simon McIntyre driving over and led 10-0 at the break.
The Warriors fought back in the second half and might have snatched it in a period of sustained pressure late on, but Hill took little encouragement from that.
He said: "It was a shocker, neither side played at all. It was error strewn, our line-out didn't function and we couldn't hold on to the ball. It was very frustrating.
"I didn't say a lot to my players in the changing rooms afterwards otherwise I would have blown my top.
"We could have sneaked it at the end but we didn't deserve to. Wasps dug in well to win and defended superbly at the end to keep us out. We did get a bonus point so it's not all doom and gloom."
And the head coach promised changes for the forthcoming Amlin Challenge Cup fixtures.
"Certain players will now have their chance, Joe Carlisle and Paul Hodgson at half-back and Craig Gillies who is our best line-out operator," added Hill. "They will all have their opportunity to impress prior to selection for our next Premiership game against Sale at the end of the month."
Wasps dominated the game in terms of territory and possession and should have been well clear before the Warriors mounted their fightback.
Director of rugby David Young said: "We showed great heart to keep them out at the end, but we should have never been in that position.
"Our kicking game was second best, our ball retention was poor and in the second half our set-piece fell apart. I don't think we would have beaten many sides with that performance."
On Wasps' season so far, Young added: "Northampton is the only game we have not picked up anything. We have won our two home games, but our performances haven't been as good as I would have liked.
"Parts of our game need to improve, but our defence have improved in every game and there is certainly a lot more bite to it."
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