There are two different materials at play here - the painted metal of the wiper arm, and the plastic of the blade carrier.
The metal part doesn’t appear to have any pitting (?) but shows a ‘spatter’ that matches what we see on the blade carrier. It looks like that will clean off (glass cleaner?) but if it has to be polished, you wouldn’t want to leave the black paint too shiny, so the use of rubbing compounds etc. would have to be judicious. Perhaps even fine grey Scotchbrite might be useful to restore a matt appearance.
The plastic parts of the blade carrier have been eroded away, particularly the end cap, which is very curious. This can happen after years in the sun. I wonder if something added to the washer fluid has caused this plastic to ‘dry out’ prematurely? Has methylated spirits been added to prevent the fluid freezing, for example?
-Alex