Wow! I would have sworn this was bare metal. I decided to clean it with some wd40 and fine steel wool before doing anything else, and look what I found! The original white overspray with the red oxide underneath!
This photo shows the sound deadener in better light, too.
Thanks to all of you that answer the inquiries, especially J_Speegle! I knew what should be under there, thought I didn’t have it, but I do.