On the question of why using waxed pellets isn’t equivalent, I suspect it comes down to volume of wax, method of application, and type of wax.
I will attempt to explain in detail why I think these are the key factors. Full disclaimer, I’m using a bit of speculation here but I can definitely attest to the fact I don’t get anything approaching the same results by simply using waxed pellets. That was certainly the case with the .177 LW barrel described above…the one I said needs 30 pellets before it starts grouping.
1. Volume of wax – A wax lube like White Lightning or Krytech has a solvent carrier that evaporates and leaves a trace amount of wax behind so I doubt there’s enough volume to sufficiently coat the bore. Not only that, it’s but a tiny percentage of that already small amount of wax that has an opportunity to be transferred because the pellet is making contact only for small bands at the head and skirt. Then whatever infinitesimal amount is deposited would be focused at the breech end. By the time pellet #1 has traveled an inch, whatever wax it had is already gone and the process of depositing lead has already begun for the remaining 95% of its journey down the bore.
2. Method of application – Since the wax on the pellets is no longer wet and dilute with solvent, it can’t get into the pores of the metal as readily.
3. Type of wax – This comment will be specific to White Lightning because it’s the kind I use, but it seems to be a relatively soft wax. Once dry, it rubs off fairly easily. Now that might actually be advantageous in helping to keep the bore waxed but I doubt it would make a very long-lasting base coat of wax like a hard paste wax.