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No, it wasn't invented to protect anything. Bubble wrap was developed to be a plastic 3D wall paper. It failed miserably, but someone figured out it's great to protect stuff and used as an insulator as well.. 
How's 3D bubble wrap wall paper sound? Ugly, huh? Yeah, I think so too.. 

http://www.todayifoundout.com/index.php/2011/11/bubble-wrap-was-originally-designed-to-be-used-as-wallpaper/  This is not the first time I've read this.. 

I saw this on "Drunk History" or "Mysteries at the Museum" or some show like that.

Reminds me of that interior decorating show "Trading Spaces". I have not watched the new version, but when I was married it was one of my wife's favs. They ued to put all sorts of crazy stuff on walls. Grass clippings, milk, glue, or anything to create a texture.