70°C is hot by any standard. Easy when wiring comes on 75/90/105°C insulation. And you have those wires, and looks like zip ties, sitting on top of the heatpipes. Your pc has been this way for a while, good chance of the heat getting to that wiring and drying it out, causing it to brown, possibly melt. That's not to mention any possible damage caused by wiring bundles sticking into fans, preventing rotation, and burning up fan motors.
Unplug the pc, open the side door and fix the wiring nice and neat, away from heat sources. It's a mess as is. Make sure to inspect everything possible for melting, discoloration etc.
Oh,if you are worried that the smell could be caused by old, dried out dust etc, then you obviously do not clean the pc...