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The first option on the Wicked Hood can now be configured so to either 'Activate' or 'Previous teleport', which allows for teleportation via the Action Bar.

This option is only available when the Wicked Hood is worn. There is no Configure or even a Previous-Teleport option while the item is in your inventory. If the Wicked Hood is on your action bar, the options also depend on whether the hood is worn or in your inventory.

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over 4 years ago - /u/JagexErator - Direct link

This isn't a bug, it's just a limitation we have which only allows us 4 options (plus destroy or drop) to use for items in the inventory vs 10 available to use for items worn. We've done this approach on a lot of items in the past.

Admittedly, the patch note could be more explicit on this.