Why do people do this? Obfuscating the HTML seems like the worst of both worlds. Either use a component model that abstracts it away or use HTML so you can see what is going on. Also, get your code out of the view. Has the world gone mad?
IMOH, handlebars is a lazy version of mustache where the developer using it sacrifices maintainability and encapsulation. Which is probably ok for most apps that don't grow beyond a single developer.
But reading and grokking mountains of HTML code gets difficult for some people (me). That's when these templating languages are a lifesaver.