It depends on who made the part. Sometimes parts with a "raw" finish have a clear lacquer sprayed on them. Sometimes it's clear powder coating. Very rarely are they left without some finish.

Even with a finish they will grow spiderwebs of rust underneath eventually as clear finishes don't provide any corrosion protection.

I've never tried to just wax a bare steel part or frame, always wanted to try gun blue or black and then an oil finish.