Safety Knights

If this is construction industry (appears to be), then they're a bit less stringent than general industry. Part 1926 actually doesn't have a specific set of guarding standards (like 1910 Subpart O) - they just have a few specific equipment standards with applicable guarding requirements mentioned within them, such as hand and power tools, as well as conveyors (shown below).

As shown below, conveyors only REQUIRE bottom guarding when someone will be working underneath it or otherwise be exposed to the bottom of the conveyor's moving parts.

With that being said, guarding it would be a recommended best practice, it's feasible, because IF an employee was exposed to the hazard, then OSHA could possibly use the General Duty Clause to cite you since 1926.555 doesn't specifically require conveyor guarding unless people are working underneath it, but it would depend on the incident. The key thing here is are there any employees exposed? In this setup, I don't know of any situation where a person would be underneath this type of conveyor while it's operating, therefore employees should not exposed. If there's zero exposure, then there's zero chance for an injury or an OSHA citation.

1926.555(a)(5)
Where a conveyor passes over work areas, aisles, or thoroughfares, suitable guards shall be provided to protect employees required to work below the conveyors.

Could it also be considered to be "guarded by location"? I know a lot of these paving machines are well above the reach of employees when running

I am a 1910 person! This would be 1926.

If I was manufacturing it at a factory 1910.212 and .219 would apply or it would have to be "locked-out!" But like this I will leave to you 1926 people!