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..).