I sort of agree with you on the no finish aspect. As for the rancid olive oil, I've never encountered it either but the term is CAN and as Mr Murphy has stated in his Law "If it can happen, it will happen, and at the worst possible moment". As for generations of use w/o problem... I too was raised being allowed to play with toy guns, rode in cars w/o seat belts never heard of child restraint seats for our kids, ran barefooted all summer, rode in the back of pickup trucks, shot BB guns w/o goggles (but I did know a kid who "shot his eye out") just like generations before me, I doubt if todays kids could survive.
However, lack of finish leaves the pores of the wood open to absorb particulates and if one of those particulates .... Blah Blah Blah.. know what I mean....
SWMBO is strong on brightly finished wood products so a finish is in store for my products. As a school shop teacher and the projects going out into the community and with folks ready to grab at your pockets at the least incident.... More (Blah, BLah, Blah) .....
I also feel that often times the basic of products will do as well or even better than the exotic goodies on the market that has more hype than quality.
We are in the same tree, just on a different branch.