It does not need to be covered / protected for the same reason the 12 volt negative system in your tow vehicle is not covered / protected. The "ground" voltage on this side of the circuit is the reference "zero" volt side.
Or your home's neutral / ground circuit, also at reference "zero" volt, is not covered / protected. This is usually connected to an exposed metal water pipe.
Your trailer is mostly wood or
fiberglass, and therefore, non-conducting. The bus bar is a convenient central location to make the connection from various
electrical consumers to the converter /
battery / trailer's metal frame reference "zero" volt.