You're not crazy. An oil's cloud point is the traditional way of expressing formation of wax precipitates, but the definition may have to change in the not too distant future. First of all, as you implied, PAOs do NOT have any wax content. Zip, zero, nada, nothing, nichts. But, if even PAO base oil is chilled to its freezing point, the resulting mass wouldn't likely be transparent. If that's true, and presuming freezing to a solid block would not be instantaneous, it follows that the first and increasingly numerous microcrystals of PAO suspended in the liquid would result in an increasingly cloudy appearance. Whether Group IV PAO base oils become the predominant lubricating base oil eventually isn't relevant or likely. But GTL "Super Group III" base oils polymerized from methane gas could eventually become a heavy hitter commercially. Being a synthesized product that starts life as the simplist hydrocarbon (CH4), there won't be any wax in it either. It, too would likely have a cloud point unrelated to wax crystal formation as it approaches its freezing point.