Ericson did put some sort of red material over the top of the keel bolt washers and on top of the nuts on our boat. Might have been wax, seemed harder than that so maybe a red tinged epoxy or other resin. It wasn't a complete encasement, but where it was applied and remained after 25 years the washers were in ok shape.
Where this coating failed, the washers were looking a bit rusty in spots. So, this along with a small crack at the hull to keel joint, when doing our bottom job a few years back, I had the yard remove the nuts and washers, look everything over and put in new nuts and washers and properly torque everything back up. The keel bolts (for as much as they could see from the top) looked just fine and the nuts had almost no corrosion, only the washers seemed to be just starting to corrode where they didn't have the coating anymore.
All that said, the condition at the top of the keel bolts doesn't tell you what is going on at the hull to keel joint. If there is water at that interface, the bolt could look brand new in the bilge and be almost nothing 2 inches down. The only real way to tell is to drop the keel and look. The yard we used, didn't recommend dropping our keel as the bolts took full torque, and the general opinion is that production racer/cruisers such as ours are somewhat over designed/built. If they had recommended dropping the keel to us, we would have, just for the piece of mind.
Tell tale signs of a potential or future problems are weeping at the hull to keel joint. If that weeping is rusty, then there is corrosion going on somewhere in there.