You can definitely wrap entire vehicles. Look up Premier Wraps in CA (I'm not affiliated in any way, just seen a lot of their work on other forums), they do many full wraps. But like Mike said, you don't get to see the paint. Plus the paint protection film will get swirls and RIDS easier, many times, than the paint. But full wraps run in the thousands $$, and replacing any damaged film (it is a sacrificial barrier) involves a costly re-application of very large pieces of film (a client killer).
For chipping, a front mask plus coverage on chip-prone areas will reduce the risk of chipping greatly at a much lower cost. Replacement will also be much cheaper. I would look into at least a front mask on any new car I buy.
As far as the reasons for chipping to occur in the first place, it is, so far, not known. Here is my understanding so far, and I'm sure someone with more experience in the field could be much more in-depth and correct.
Some people believe it is due to the EPA's tougher regulations on automotive paint in an attempt to reduce emissions. These regulations, basically, say colored-paints need to be water-based instead of typical solvent-based. They also reduce the amount of solvent permissible in clear coats, which are still legal to be solvent based,as there are no feasible options currently. The belief is that the bond between differently-based solutions is weaker than the same bond with similarly-solvent-based solutions. Hence, chipping is easier since the paint is, as a whole, weaker. Thicker clear coat also increases orange peel. This is all for factory-applied paint. There are differences for aftermarket painting.
Others believe it has more to do with the styling of vehicles today that are more prone to chipping due to sheet-metal being in the line of fire. As wheels are pushed out further and closer to the fender edge, their roost will be more violent. As tires become stickier and better performing, more rocks and stones they kick up from the road. Any body panel that detaches from the aerodynamic side of the vehicle will be pounded. This correlates, highly unscientifically, to the vehicles from whom we hear most complaints, most have aggressive fender bolstering. New Camaro, STi/Evo, 911, etc. If you search these forums you will see they seem to have more chip complaints than other forums.
So it could be the type of owner and driver, or it could be related to the paint process. But it is probably related to the vehicle geometry and road conditions more than anything else.
