I had a similar issue with my X5 when I first bought it, it was the switches on the drivers seat. (yes somehow they are all linked with the driver memory part.)
I put in a new (wrecker) switch module and I was good to go! steering wheel moved in/out and up/down as intended!
might be a similar thing in yours!
good luck!

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2003 X5 3.0i (02/2003) sport package, Sapphire black metallic / Black Dakota Sport seats. compass mirror retrofit, trailer hitch retrofit, Prodigy P2 trailer brake controller installed, PDC retrofit, Lumbar support retrofit. heated rear seats retrofitted. Running boards retrofitted and subwoofer install in progress. 4.8is Brakes installed front and back. Bluetooth TCU installed, Rear Fog lights installed. Retrofitted reclining rear seat backs.