If you did that, you would never drive it,
take it everywhere on a trailer and spend your whole life wiping and polishing, and who sees the underneath anyway
i see plenty of guys at car shows doing it and almost all of them don't enjoy it very much, the car becomes an expensive bit of art, instead of something to drive and enjoy, but each to their own
that one of the resto cars from the Porsche Restoration Competition 2017, they spent over $40,000 on it.
All Europe cars have a layer of black under seal on them too.