Re: 2-4-C Marine Lubricant or Substitute
Bearings, particularly wheel bearings and the like, tend to heat up. Bearing grease is formulated to not liquify under normal bearing warming, and therefore stay in place rather than drain out. Additionally as Don mentions, certain additives and lubricating qualities yield results that are different than intended.
In critical components where high speed, temperature and friction are at extremes, minimizing wear is very important and recommended lubrications tend to perform best. Others may very well do the job reasonably well...but for a few more dollars why not best protect that expensive equipment.