Yes we are all familiar with what you're talking about.
I don't think you ALL are, as referenced by JtheJazzMan's previous post. 0 steel wool will pull out some wood off an ebony board, hence his comment "Steel wool is abrasive enough to sand buzzes off the FB on my top string".
Last I checked, wood is not the same as metal.

And last I checked, polishing is not neccessarily the same as cleaning.
I agree...wood is not the same as metal, but ebony does clean and polish similarly with the 0000 wool. It WILL remove rosin from fingerboards as well as strings (I can only speak for spiros)....SAFELY. I've done it literally a hundred times on both my bass and others. Whatever oils from your hands/fingers you transfer to a piece of ebony will get picked up and removed by the wool.
I've used #0000 to remove the varnish off the back of a neck to make it smooth and silky, not to clean it. I've used #0000 wool to polish a fingerboard dressing job after using a planer on it - just to smooth the wood. I've never needed it for anything else, cept maybe to remove rust off of drumset hardware.
Yup...it DOES work well for that!

I am a Pearl artist, and my kit, as nice as it is, does like to oxidize on the chrome after handling a lot. When you made the back of your neck "smooth and silky", you are actually removing a tiny, itty bitty amount of surface wood with the wool, and with it, whatever gunk you have built up.
I've also used to to rough up a thick lacquer varnish so it doesn't look so dorky - but found out quickly that it just leaves an ugly scratchy mess.
Yup...it does have a slightly abrasive quality....akin to 1200 grit. 1200 grit paper will do the same thing to a thick gooey sprayed finish.
IMO, if I got ebony dust coming off my bass when I'm trying to clean it - I think I'm doing something wrong