Short answer is no. Powder coating has no effect on bear life.
Now the long answer, the process of powder coating requires that you remove non metallic parts. Bearings are sealed units, the seals are often plastic or rubber. The powder coating process requires heating to in excess of 400 degree. This will destroy plastic parts, ruining the bearings.
On spoked wheels most remove the spokes and bearings, on the hub is a chrome steel cover that hides the bolt holes for a second brake rotor, powder coat the hubs and rims the relace with new spokes.
On the mag wheels there is a plastic cover on one side of the hub. This cover hides the bolt holes for the second brake rotor.
As mentioned remove any wheel balance weights before coating. Use Dyna Beads when you put on new tires. That way you don't have ugly weights on the wheel.
When you remove the bearings , the stress of removal damages the bearings. Replace with new.
Leo