Yeah and even powdercoat can chip. I got some really expensive ones that were somehow made black and they have yet to chip/pit/peal at all...and they better not for what I paid for them.
I've seen painted ones. The problem is when you torque em down, it cracks the paint. It may not even chip off immediately, but as soon as you get some water under the paint and some freezing temps or whatever, they chip.
I've also seen powdercoated ones, they last more than a few months like the painted ones, but eventually get water in via the threads not being coated and water seeping in, then the rust and the powdercoat bubbles and chips off..might get a year or 2 out of a set.