I discovered the same issue with the steering wheel in a new-to-me Macan GTS. The power adjust and memory works fine, but the steering wheel moves up and down about 1/4 inch when lifted from the bottom.
I removed my steering column assembly to investigate... The issue is definitely related to the gray plastic bits shown earlier.
The entire steering column assembly pivots (and slides) around one main point to tilt up & down. This pivot point is secured by a large M8 hex bolt and a lock nut, and it uses two gray plastic "washers" to keep the assembly tight and allow the metal to rotate and slide smoothy.
These gray plastic (rectangular) washers are cracked and have fallen out of my assembly. The M8 bolt is still tight, but there is a large about of slop in the tilt mechanism once the plastic washers fail.
Steering Column Assembly (95B419506AK):
View attachment 271784
Nut removed to show the cracked gray plastic washer:
View attachment 271787
The plastic washers are also connected by a thin loop to a plastic sleeve that fits around the M8 Bolt. This sleeve is still functional, and I believe these parts are connected only to simplify the assembly process during manufacturing.
View attachment 271785
This appears to be a common failure. This plastic washer is visibly cracked or missing on most of the used
steering columns I have seen for sale online.
I have steering colum PN: 95B-419-506-AK but there is an updated PN: 95B-419-506-AN.
I ordered one to see if there has been an update to improve this component yet.
I'm also working on designing a replacement plastic washer (rectangular) that uses stronger plastic (nylon) and probably a stainless steel ring washer to reinforce it. This can be machined or 3D printed (SLS or MJF nylon only, for strength). I'll re-use the original plastic sleeve that is still intact.
View attachment 271783