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This obsession for shielding the public from direct access to their source material.I don't think reporters and news orgs go out of their way to "shield" people from source material when it is publicly available and relatively easy to link to.
For example, there's DocumentCloud [1] (from which Backbone and Underscore came out of) is a news project that started out as a project collaboration between New York Times and ProPublica...think of it as Scribd, except free for news orgs, and geared towards open access and making source documents more visible.
That said, there are plenty of times when news orgs should be linking but don't...but a lot of that is out of carelessness, CMS limitations, and/or incompetence -- from various angles. For example, some government websites do not have direct URLs (that don't require some kind of cookie to be set)...such as the individual documents in this U.S. Senate Financial Disclosures database [2]. Ideally, a journalist could figure a way around it, or hand assemble the scanned pages (which are stored as GIFs)...but that's a lot of production work to ask from people who typically have almost zero web production skills beyond knowing how to use a browser.
Then there's the classic case of Reuters, one of the biggest news organizations in the world, having a CMS that wasn't designed to incorporate hyperlinks (among other HTML features I imagine) [3]
A lot of tech savvy news orgs these days will upload raw data dumps to their S3 servers. And some even create news applications around that data to make it more accessible. One controversial example that comes to mind is when the LA Times fought to get teacher ratings data and then built an online database, which included their value-added interpretation. Teacher ratings are extremely controversial, nevermind any proposition to do value-adding, and the LA Times critics went so far as to blame a teacher's suicide on their database [4]
Those teacher scores were public records. While not everyone agrees with how the LAT chose to augment them [5], they did show the raw data for each teacher.
If the LAT faced such pushback from the government in just getting the records, and then such outcry from the teachers unions when they published those records, for public records...then I imagine the pushback against a news org that publishes a data dump of illegally obtained private data is going to be quite harsh.
In the Panama Papers scenario, it seems that most of the records deal with private persons, many of whom aren't interesting to the public and who are too numerous for the journalists to do individual checkups on. And what they're doing is not illegal. So the ICIJ has made the right moral call, IMO, in not just throwing everything out there.
[1] https://www.documentcloud.org/featured
[2] https://efdsearch.senate.gov/
[3] http://www.capitalnewyork.com/article/media/2013/01/7111960/...
[4] http://www.nytimes.com/2010/11/10/education/10teacher.html
[5] http://projects.latimes.com/value-added/