Yes as others have pointed out "maul" is not supposed to be sharp. It's for splitting, not cutting. If it was sharp you'd call it an "axe". If too sharp, in theory the maul would follow its own cut rather than the grain.
Varnished is normal for hickory handles. If not you'd be complaining about them looking a bit scruffy etc. as they pick up marks and may get handled before you buy them. If wet wear rigger gloves - don't blame the tool for the rain!
I've been using a froe for splitting, hitting it with a lump hammer. Works really well but it depends on what you are working on.
I'm all for cheapo tools - don't knock em! I bought a cheapo Silverline floor board cramp which looks like tat but works really well.
You can't go wrong with a cheapo chisel if you sharpen it, but you might prefer a posher one.
Sometimes people get sniffy about cheap tools but often they simply don't know how to use them.