Some programming languages type constants in UPPER_SNAKE_CASE. -- The same rationale applies: it's easy to understand why someone would prefer to avoid having to hold a modifier key for that. -- I quite like Caps Word as an improvement on CapsLock https://docs.qmk.fm/#/feature_caps_word
Though, I'd agree that CapsLock isn't important enough to put where it is on a traditional keyboard. (Nor does the spacebar need to be 6 keys wide..).
First time I have ever used caps-lock for it's intended purpose. It's surprisingly liberating. I RECOMMEND GIVING IT A GO, IT'S LIKE THERAPY. Maybe we should go in the opposite direction and add even more dedicated keys for all forms of cringe-mode typing - leetspeak, texting, emoji-poisoned, valley-girl, German etc.
GPT powered politeness toggle maybe?