You can make (or order) the case by yourself. Without it S5 became lighter, so the shipping is cheaper.
Heat dissipation is developed not so good in case of S5, so it needs a powerful (it inevitable means LOUD) fan. Sure they could sell S5 equiped with two less noisy fans (most of us make such mod), or they could sell S5 without fan at all. But we got what we got.
Recently I placed all S5 to the basement, so I installed a Gembird DC120SF-12AS3 120x120x38 fan as a push fan, and stock fan as a pull (on my new 2 S5s since stock fans on them are appearantly much quieter than it was before, on earlier S5s). It works OK now.
There has been some impressive 3d printing of parts some of which enclose the center of the miner - https://bitcointalksearch.org/topic/antminer-s5-3d-printed-mods-1072176
It's fairly recent and Bitmain even supported it by sending it's OP a little coin. I would check it out if your thinking about enclosing the S5.
i think 3d printing stuff might be overkill. i put a 1/16 inch piece of acrylic on the bottom (because i havea wire shelf) and cut a piece of card board for the top (for testing purposes) and now my blades are the same temp. before they were 4-5c apart and one would always be hotter. now they are the exact same temp most of the time. ant this is just with some crappy cardboard cut out. imagine if i had a fully enclosed aluminum case. I dont have the tools to make a metal case or a plastic one for the matter. maybe really glossy poster board will work since it has a more smooth surface. which might be better for airflow.
Considering the heat generated, paper is a bad idea.
NO there isn't, unless you suspect Spark or Flame. Papers ignition is tempature 218–246c. The ignition temperature of corrugated cardboard is 427 C, or 800 F. Source: http://www.tis-gdv.de/tis_e/ware/papier/wellpapp/wellpapp.htm
Its not the ignition of paper which is a problem, its the combustibility. If you set light to an S5 the materials would self extinguish within the required timeframe of the standards. When you add in paper it interrupts this process and can spread a fire from the S5 to other materials in the vicinity as its going to burn until termination.