I dont know. From the miter saw, I could believe anything because its so open. But from the radial arm? It was in an enclosed housing. Mold makes the most sense there but.... its the same from both tools.
I just dont get it.
That’s why I suspect mold: It’s the right color, the right shape/size, powdery, and the only thing common to both machines (which are basically inert) is that they are covered with the food that certain molds feed on (wood fibers).
Did you blow compressed air through all the vents, working in all directions to break debris free and move it out? Try a good wipe-down, and then run them again. Hopefully you’ll see less debris. If not, then it could be the brushes, but I doubt it would be a belt because that would shed chunks, not dust and you would smell burning rubber.