This is something you might do for a collectible bike you want to make feel nicer, but is useless and even counterproductive for any bike you ride regularly.

There are two main reasons.

1- the steel is much harder at the surface, and on better parts will be hard chrome plated. Polishing removes the hard surface layer, and if carried to excess will lead to rapid pitting. Think of the ice on a frozen lake. When it's thick enough you can skate on it forever. However if it's thin, your weight will depress it into the water causing stress cracks and possibly allowing you to fall through. This is why when bearing races worn beyond a certain point have the characteristic pitting and gouges where there's the most wear, rather than a smooth wear track.

2- Bearing races have a broader curvature than the balls that ride on them. That's so the balls ride with only point contact at their diameter. If you use the same size ball to lap the bearing track, you'll get a groove with the same curvature as the balls. That means that the balls will ride touching along an arced line. So the balls are simultaneously touching at different diameters, and as they roll some sliding has to happen. Sliding isn't rolling, so you get more friction and wear.

This "use the balls and lapping compound" remedy comes around every so often, and some have used it to save collectible hubs or BBs, which it can do very nicely, but it isn't at all suited for a bike you ride more than occasionally.