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It’s just corrosion from salt and moisture. The damage to the alloy is likely not too severe, it’s just lifting the paint/finish off.
For a like new result, I’d dismount the tires and have them bead blasted/powder coated or repaint them yourself.
For a “good enough” result just take some aircraft remover to them, hit them with an orbital sander and repaint. They’ll look a solid 8/10ths for very little money/effort.
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