I have seen similar products of the sort when I was a pompous kid. ha. ha.
While working with my father in the early 1960’s, I used to pull it out of the wall and wondered why it had a paper on both sides.
Back then, I called it bagged insulation, and had no idea what it’s composition was nor do I today.
Can’t find any history on it. For obvious reasons, no computers right?
Like Dave mentioned,. the paper was brittle and saw some with a cellulose type insulation and some with a fiber type.
Called it rock wool. It was about 2" thick bagged. Stapled in the middle of the stud creating two air space.