The use of upper case used to be much more common. Many forms were filled out in upper case, even in the days of typewriters. When writing, upper case was used to add emphasis. The use of upper case was also common while programming.

I suppose the development of the capslock key has more to do with much older typewriters. Mechanical typewriters took a fair amount of effort to use.

If your adventurous, you could get a keyboard that supports qmk or zmk open source firmware and gain full control over what your keys do. I don't have caps lock bound.