OK guys, stop being so cynical.
Don't forget that the wax really does multiple duty:
(1) fills-in pits/pores within paint finish caused by impact damage and paint irregularities, that can appreciably "smooth-out" an overall "rough" finish.
(2) makes the surface relatively "non-adherent" for bugs, dust, debris, rain/moisture, etc.
(3) adds a thin layer over the paint finish for improved abraision resistance and a provides a temporary "wear-away" surface.
In aviation I've experienced the following:
(a) A very rough paint job reduced cruise speed of an O-2A acft by up-to 18-Kts [was ~150Kt with a glossy finish... reduced to 132-Kts at 75%-pwr with a rough "flat-camoflage" finish]. Sand-off and repaint "to spec" "improved" overall cruise airspeed up-to ~142kts!!!
(b) Many experimental or high performance airfoils have seen disasterous performance reductions due to roughness [especially on airfoils, due to premature/irregular flow separation]. Sailplane and "racing" pilots learned years ago that a "clean waxed" exterior provides a "winning-edge in contests... simply because of the improved micro-finish and reduced adhesion that "wax" provided.
(c) Boeing pays attention to minor exterior details... a 0.5% decrease in drag is probably worth several hundred-thousand $$$ in fuel expennse over the life-time of "heavy" [transport sized] acft!!!!
NOTE: on a dirty racing auto the improvements may be very slight... but between high speed racing vehicles, win-loss times are generally measured in 1/10s of seconds over an entire race! if the wax just keeps a few bugs from sticking, it may make a "winning" difference.
Regards, Wil Taylor