The distinction is strictly language.
When a physical object is _slippery_ the description is without intent or judgement. When an object is _lubricated,_ the implication is that the object _should_ be slippery, often for proper functioning. One expect ice to be slippery, while machinery may require lubrication to work as intended. Water is absolutely the “lubricant” on a water park slide but can result in rust when exposed to (say) iron. A lubricant would be formulated not to damage whatever it’s used for.
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