That's exactly what it looks and feels like. It's very textured to the touch.
I like it though - adds to the mystery of this piece.
If it was oversprayed in nitro you can re-flow it if you wanted to. A bit (just a very small amount) of "Blush Remover" would likely do the trick.
Of course if you're like me, you'll probably just "leave it" as a testament to the history of the bass. Show the scars proudly.