Way of Fire and the charged trait are important for this build because it gives us the burning status effect leaving one free to use another enchant.* That allows us to drop a weaker dot; dots such as swarm that are necessary primarily for their secondary effect (minor vuln/shock).
Since Wardens have all the bleeds necessary to stack hemorrhage in their toolkit, a set like Way of Fire may be a better option for Wardens than a bleed set such as Pillars of Nirn.
Way of Fire's proc is instant with a 2 second cooldown and will re-proc itself on any weapon dot making it the superior option to sets like Sheer Venom in PvP and Pillars of Nirn in PvE because there is little to no loss of power compared to the potential power loss imposed by the conditions of both those sets. *As of u36 adding a frost enchant makes this set/build potentially more viable to Wardens.