correct. the padding is there to dissipate some of the energy, but to also spread it over a wider area apon impact(helmet contact) If a helmet hits a bare bar directly the helmet can sustain fatal damage during that initial impact, and then be completely useless on subsequent impacts. 90% of hard accidents result in multiple helmet contacts, not just one big one.
however, said padding is meant to dissipate energy over a hard shell not your soft skull and there for just as dangerous as a bare bar w/o a helmet. your skull will give before that pad does really.