It is more than the steel. The following is from the Timbersaw bandsaw blade website:
"When you are done cutting for the day, take the tension off your blade. Band saw blades, when warmed up from cutting, always stretch; and upon cooling shrink by tens of thousandths of an inch each cooling period. Therefore, blades, when left on the saw over tension themselves and leave the memory of the two wheels in the steel of the band, which will cause cracking in the gullet. When you leave the band on your saw under tension, not only do you distort the crown and flatten out the tires (which makes them very hard), but you also place undue stress on your bearings and shafts. Believe it or not; you can, and will damage your wheel geometry sooner or later and considerably shorten bearing life. You are also crushing your tires or V-belts."