I can sympathize, but let me make a non-aesthetic argument...
In large blocks of code, with all-caps, you can see at a glance where all the template substitutions are happening, and also instantly know as you're reading code what are variables and what are template substitutions?
I'm asking because one of my realizations in recent years is that not everyone reads or sees code the same way.
For example, maybe some people are stronger "visual" and some people are stronger "verbal".
For another example of a different in how people perceive and think, some people can visualize an object in their mind almost as if they're looking at it, but other people can only know and describe what it looks like without bringing a visual of it into their head.
With the benefit of the all-caps, I can glance at this and immediately see much of the structure of the template. Without all-caps, I'd have to work harder to find all the pattern variables, and the structure would be obscured.
For a bit kludgy practical matter, as I'm quickly looking at pieces of code in a template, with all-caps, I can look at a fragment of code in isolation and know what are and aren't pattern variables. Without that, I have to go read the top of the template clause (and read through any syntactic scopes of `let-syntax`) and get that in my head, until I get to the fragment of code I originally wanted to look at.
IDE support can make this unnecessary, with a hypothetical great IDE, with familiar syntax coloring. But still, if there is one thing that all-caps should be reserved for, it's something like this.
With all-caps, your code can be sensual, and the jolting all-caps bits are look out, potentially arbitrary code gets pasted into here.