Earlier quoted context omitted.
Looking at the images, it looks less premium to me than the smoother mouled paper inserts I've seen on electronic products. You could be right on with the foam aspect though.
Well there are multiple types of molded paper inserts. Egg carton-type material on the cheap end, and that super smooth stuff that Apple uses on the other (these generally have additives in them - they aren't just paper). In terms of "premium"ness this sits in the middle.
Now they just use 99% compressed cellulose with a few antistatic additives.