You are partially correct, sir: The rockers themselves have been repainted. The previous owner said they were repaired due to damage a tow truck driver inflicted on the car when it was picked up after breaking a ball joint.
It's plausible, only because the rest of the paint is original (certain of that). And the most vulnerable parts of the car are mint:
It was oil sprayed multiple years. They just failed to get
all the weak spots, apparently.
I actually discovered the Flea has rust starting in the same location (rear wheel well) for probably the same reason: the rubberized undercoating cracks, and then water gets trapped behind it.