85_Ranger4x4
Wallows in rivers
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I have had that rust goo appear on mine before too. I came to the conclusion that the water had actually entered in through the axle shaft seal behind the spindle, then as the temperature cycled over time, the water eventually found it's way to the wheel bearings via condensation. Everything else being so covered in grease is likely why you don't see rust elsewhere.
I wondered about that too, IIRC the axleshaft seals are kind of rinky dink. It just looked so darn clean out the outside of everything though:

All the seals and bearings were brand new when I swapped the axle in last summer.