It's definitely not air bubbles, at least not this recent issue. These were raised, and I could scape off with a fingernail. It wasn't there at the cut but appeared after.You get stearic spots usually because you haven't melted it enough to start with...if you didn't have them before you cut, you wouldn't have then after. But what you thing are stearic could simply be tiny air bubbles in your soap with is more noticeable with a wire cutter than say with a knife. Could also be a bit of ash forming. What you could do is try planning your soap. Sometimes my soap has a bit of a 'rash' after I cut it, but then I plane it several days later and it's all good.
I cut this batch with a knife.
Added: I'm starting to think it was ash based on images I've seen in other places(reddit, other forums) and that it appeared after the cut. The formation was just really odd.