We accept that sentences can have formatting, and headings can have formatting, so why shouldn’t titles? When you look at titles that get used on platforms like YouTube, there’s obviously a desire for formatting. People use Unicode shenanigans to work around the deficit frequently. (And they do so in ways that are mostly only available for the English script, quite inequitable for other scripts.) Even if you were to restrict it to ASCII, people GLEEFULLY abuse capital letters FOR EMPHASIS!!!!1!
Especially once you get to coding topics, titles need to support <code>, which is important semantics.
(My biggest disappointment with Atom is that text constructs are single-type-only. I wish you could provide distinct text and HTML representations, like email does with the multipart/alternative MIME type. In some places where I use <code> in titles, I’d just drop the <code>…</code> wrapping, in other places I’d turn it into `…`.)
I will write a proper article about all this some time soonish, encouraging people to use markup in titles.