WTF? Is this just severe oxidation or something more sinister?

What on god's green earth is going on with this paint? Is it just severely oxidized or what? It's like this in spots on the roof, trunk, and hood. Hood is where it is most prominent. No doubt the car needs a repaint - and it'll get one eventually. I'll be sourcing 2 front quarter panels from the JY, as well as some trim pieces, etc...

I just got her not too long ago for $350 and without a spec of rust.. and I'm content to drive her with the patina for now, but I'm really, really curious.

I've never seen anything like this before. I just hit it with some rubbing compound followed by some cleaner wax to see what would happen...

Pictures are in the linked thread, I mistakenly posted in the wrong section

WTF? Is this just severe oxidation or something more sinister?