I had just upgraded to iPadOS 15 and the caps-lock-as-control setting reverted to the default. I went into settings and changed it back, but I did so with caps lock accidentially enabled.
This left the folio keyboard stuck in caps lock. I had to go back into settings, set caps lock back to caps lock, press the caps lock key to disable, then I could make it a control key. But trickily, the setting change didn't seem to take effect until I swiped out of the screen where you change that setting.
ANYWAY, I'M JUST GLAD I FIGURED IT OUT.
BTW, why does caps lock even still exist?