I rode my Ironman sans bar wrap for a couple of weeks last year, when I was making frequent adjustments.
Looked awful. Like, pawn shop flipped up drop bar hobo beer bike awful.
Surprisingly, it wasn't uncomfortable, at least on my usual 20-30 mile rides. Probably partly due to a combination of good bike fit and better physical conditioning.
But I still prefer padded bar wrap. Better on chip seal after a long ride.