On the T- series and X-01 power armor pieces it appears as a shiny silver coating with small spots of rust. On the CC-00 power armor it's a paint scheme with a semi-reflective silver base and an orange trim. If the standalone Chrome paint scheme isn't downloaded it can only be painted onto the CC-00.
The paint job increases Perception by +1 when all armor pieces are painted with a Perception-boosting paint.
Beyond the "Captain Cosmos" or "Power Armor Paint Job - Chrome" Creation Club purchase, there are no special prerequisites to crafting this paint scheme.
Chrome CC-00 piece (1)