Take a look at DOW Thermax--it is a fire-rated Poly-iso rigid insulation that will meet flame spread ratings uncovered, and is (in at least some jurisdictions) approved for use in basements and crawl spaces without drywall covering.
It is a slick system (but not cheap)--a bottom U track, upper U track and panel seam fillers--and is made to go up on masonry walls for example.
(I've got a stack waiting to be installed in our crawl space...)
I would say though--it is not a whole lot different than the silver backed poly iso at Home Despot, so in a place where there was going to be a lot of activity, I don't think it would wear all that well... You could maybe do a glue installation and glue 3/8 drywall on top?
https://www.dupont.com/products/thermax-sheathing.html