The crafting formula: (white) wool + bonemeal appears in list, but since you can only dye white wool (see MCPE-8896 for reference), all the formula can possibly do is waste bonemeal. I tested it, and the formula works (on white wool only), gladly taking your bonemeal and leaving the wool unchanged.

I understand it may be beyond the scope of the game to prevent players from doing something stupid [grins], but I figured I would report this anyway to provoke a conscious decision in this (perhaps special) case.