It doesn't appear to have a built-in PD for any feedback, which is why I'm assuming that the life of these isn't going to be great
Ehh, the use of a photodiode for feedback isn't the least bit critical for many applications. It's most important when you either need closed loop control of actual (precise) laser power or feedback as to whether the diode is operating or not. The only impact a PD might have on lifespan is if you're running the diode near its maximum optical power, in which case the PD feedback may help you stay safely below that. Laser diodes are very unforgiving of exceeding their max optical power -- in any laser operating normally, the power density in the cavity is VASTLY higher than the power density in the output beam, and in a direct injection diode like this that tiny little semiconductor sliver IS the entire optical cavity, so very easy to get a hotspot and then a cascading failure.
So that's really the most important factor in lifespan: never ever exceed the maximum rated optical power, even for a moment. Since you're talking about making your own driver, and a switch mode one at that, you need to be very careful to avoid any overshoot or other instability in the driver output. Even a very brief overshoot can cause a small amount of damage that will accumulate. Reducing the operating power doesn't hurt either, less power is always less stressful and it means more headroom for whatever overshoot you do end up getting. But if you don't know what the actual ratings of the diode are, then you can't really quantify that: reducing the power to 80% isn't a huge help if the original power level was 150% of the rating! Setting the power to the minimum that works for your application is about the best you can do there. Of course ESD is also a concern like with any semiconductor.
All that said, laser diodes like these are a pretty mature technology, and you might not have any problem at all with their longevity just because they're cheap. Of course if you need something with a
reliable lifespan, then there are better options.
But looking at that teardown it appears its just the bare diode - apparently it isn't even encapsulated
That's pretty similar construction to what you'll see in most individually packaged laser diodes. The die is the entire laser, so you can't really "encapsulate" it like you would an IC or even an LED because the faces of the die are the cavity reflectors. The most you can do is put it inside a hermetically sealed can, the inside of which would look fairly similar: just a little sliver of InGaAN or whatever stuck to a chunk of brass with a single bondwire on top.