You need to distinguish between LatLonBoundingBox and BoundingBox,
The bounds of a BoundingBox are limited by the SRS definition, there's no need to restrict yourself to degrees.
The LatLonBoundingBox is intended as a guide for searches, there is no requirement for the LatLonBoundingBox to be a bounding box that accurately encompasses the data.
As you say the schema (well DTD) only defines the attributes for the LatLonBoundingBox and a hint to what the values should be like:
<!-- The LatLonBoundingBox attributes indicate the edges of the enclosing
rectangle in latitude/longitude decimal degrees (as in SRS EPSG:4326 [WGS1984 lat/lon]). -->
<!ELEMENT LatLonBoundingBox EMPTY>
<!ATTLIST LatLonBoundingBox
minx CDATA #REQUIRED
miny CDATA #REQUIRED
maxx CDATA #REQUIRED
maxy CDATA #REQUIRED>
We know that EPSG:4326 has defined bounds of -180 -90 +180 +90, so values of 180.05 aren't correct, but a parser wouldn't find an error.
With WMS 1.3.0 we get XML schema that more strictly constrain the values (the actual element names have changed but they serve the same purpose):
<element name="EX_GeographicBoundingBox">
<annotation>
<documentation>The EX_GeographicBoundingBox attributes indicate the limits of the enclosing rectangle in longitude and latitude decimal degrees.
</documentation>
</annotation>
<complexType>
<sequence>
<element name="westBoundLongitude" type="wms:longitudeType"/>
<element name="eastBoundLongitude" type="wms:longitudeType"/>
<element name="southBoundLatitude" type="wms:latitudeType"/>
<element name="northBoundLatitude" type="wms:latitudeType"/>
</sequence>
</complexType>
</element>
<simpleType name="longitudeType">
<restriction base="double">
<minInclusive value="-180"/>
<maxInclusive value="180"/>
</restriction>
</simpleType>
<simpleType name="latitudeType">
<restriction base="double">
<minInclusive value="-90"/>
<maxInclusive value="90"/>
</restriction>
</simpleType>