I completely agree with your hypothesis. And the ridiculous effect that Trump's random capitalisation has, both of making his text (even) harder to read, and of giving the impression that he doesn't actually know how to write English.

My additional hypothesis is that capitalisation accords respect, something along the lines of "this is a thing apart, something with a name, so we capitalise it". Not capitalising an actual human's name would seem disrespectful to me.