Scientific answer....it is called caramelization.....PG in a way is a sugar, it metabolizes as a sugar and browns as a sugar. Caramel is browned/burnt sugar. The coil build up over use turns dark then the color migrates to the wick then into the liquid.
Oxidation is what is happening to the liquid in the bottle, for some it never does it, others it does.
For personal experience, place a few tablespoons of sugar/butter in a saucepan, heat and stir until it turns brown then pour it over your favorite ice cream, you just witnessed caramelization!
