* Magical Hats' Effect: Magical Hats lets you Special Summon a monster from your hand by sending 2 monsters you control to the graveyard.
* Wild Effect: The Wild effect is an additional effect that some monsters have, allowing them to be Special Summoned from your hand under specific conditions.
* Monsters Only: Magical Hats specifically requires you to send "monsters" to the graveyard. The term "monster" in Yu-Gi-Oh refers to cards with the "Monster" type.
Scenario: If your two Set cards are considered Monsters and nothing else, they lack any additional effects like Wild. When you send them to the graveyard with Magical Hats, they only fulfill the requirement of being "monsters" for the effect to activate, but they don't trigger any additional effects.
Conclusion: You need cards with the "Wild" effect in your hand to utilize it in conjunction with Magical Hats. Even if your Set cards are Monsters, they won't trigger the "Wild" effect since they lack that specific ability.