I can understand making the inside of counduit run a wet location if the water can enter it because depending on the way the pipe is run water could collect keeping the conductors wet.
I don't do much resdential work, and the light fixture that has been given to me to install on the outside of a building would not guarantee that water could not get in the box. Most boxs that are installed in a out door location will show evidence of water collection in them unless they are made to drain even bell boxs.
So if collecting water is the reason for a interior of a given pipe run to be called a wet location I can understand the interior of a boxs being called a wet area, unless it is made to drain or water can freely through the bottom.
But from what I read and was told on the 2008 code update the outside of a building would be a wet area the light fixture would be installed in the wet location and some how the wires are going to have get there and NM will not be allowed in a damp or wet location.