Well let us take a deep breath...
1. Baktrians had a lot of money
2. Their not so friendly neighbours used scale armor
3. The Baktrian Greeks Indian subjects had and still do a big tradition in iron casting, use and manipulation of iron.
4. Elephant corps, (Panzer corps of the time) would have the very best in terms of the people fighting from the "Thorakion" of the elephant. Be it weapons, and thorax (at least where needed)
5. Linothorax could still be used, but since they had the money to spend, why not go for the best quality armor available?
=
Good enough for us.
So far as the unarmored mahut thing, well, it was something common for the people of the time, and place. The mathuras, which were conquered after heavy fighting in 180 BC but rebelled in 100 BC used their elephants in the way shown below...
and a reconstrucion of the Mathuran elephant coprs...
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