Onboardings and wizards – should I show the steps of the process?

So I need to design onboarding screens for a credit card company. I started to look around on different onboardings and collect ideas from different products such as Lemonade, Forward, Grammarly etc.

I noticed that instead of showing the upcoming steps, there’s only a bar indicates the progress.

What’s the logic behind it? I always thought that indicating the exact number of steps is essential information for the user.

What do you think? In which cases showing steps is a must? Do you have any articles or researches on this topic?

Thanks <3