Equal-i-zer hitch metal chipping/breaking off and denting.

Sifter,
Having owned the 14,000 pound model of that hitch for ten years, my opinion is your pictures show normal wear. My Equal-i-zer showed similar wear but it wasn't problematic. The flaking you see is superficial, keep an eye on it and ask for a replacement if it cracks. Being the weight bar sockets, a crack won't be catastrophic.
Lastly, I don't believe this component of the hitch is cast. I believe the only cast component is the main head.
Happy travels,
Randy