Another IT Admin checking in, this has been a feature of Exchange for a decade, at least. They can wipe your phone with no credentials. Most companies don't have any policies regarding it because, in all honesty, we never intend to use it. Company phones, sure, but there will be policies. However, when it comes to your personal cell... Yeah, I have no need or intention of doing it, and if our users thought we could, they'd treat that as a fail safe if they lost their phone. That isn't something we want either.
The feature is there, but unless you give your employer a reason to use it or there is a policy in place, you can rest assured that most IT folks have no intention of using it.
There are a lot of features included in a lot of network stuff. Just because they're there doesn't mean that they will be used. Check your company policies, and when all else fails, bake your IT folks cookies. We love cookies.