MrAnderson72, I feel your pain and experienced the same thing. Actually quite a few of my friends have experienced the same thing on the plastic painted parts on their harleys on this humid gulf coast. It made me sick because I tried so many waxes, polishes, cleaners , swirl removers, etc I had no idea what caused it and still don't. All I can say is that through much elbow grease using Meguiars Deep Crystal paint cleaner step1 I managed to restore it to it's original luster and finished off with Pledge. I have maintained the brilliant shine and eliminated the gray spots. Believe me I tried them all...all kinds of swirl removers and cleaners to restore it. I guess I got lucky and will never use anything else but Pleage since I got the gray spots out. I'm no scientist, don't know which product caused it, don't care. But I do have a whole tub of cleaners and polishes and swirl and scratch removers and the highest priced waxes money can buy but will never use any of them ever again on my plastic painted surfaces. What works for steel painted surfaces and what worked in the past just didn't work for me now. I don't know if it's the environment on the extremely humid Texas gulf coast, the hardness of the water, or what. But I thought I'd give you my recommendation because for the fist time with this 6 year old bike I was almost in tears to see my baby in that condition that continually got worse.
You really want my personal opinion? With metal painted surfaces you are trying to protect the metal underneath with waxes to keep rust pits from developing and giving it a brilliant shine. With plastic or fiberglass painted surfaces all you are doing is cleaning it, and giving it a deep luster shine. Waxes don't do much at all here. Besides shine, the fine film of the wax does nothing. It is better to use Pledge for that luster shine and cleaning and all that fancy wax does nothing to protect any thing underneath and can actually damage the underlying plastic or fiberglass as it soaks in as you have described.
