FWIW...I work for one of the Big 3 auto companies, for 14 of the 20 years in an engine plant that produced v-8's. Spent a lot of time in the crank machining dept. Now the majority of our cranks were cast iron with a small percentage being forged steel.
The cranks pictured here appear to be cast iron. The blue tint that you see is a result of the heat treating required to harden the journal and bearing surfaces to be machined. BTW the forged steel cranks had even more blue hues to them.
Now there weren't very many crank failures in these engines but when there were, it usually was a result of a casting defect (voids , porosity, ect.) or exceeding the engineered HP design of crank.
Being that most ported saws don't see 50%-200% increses on power output I would bet that the first crank posted was prolly just a bad apple.
It happens even the best QC environment.