Yes, I believe Geoff made past answers be parsed by MathJax a version or so ago. The back ticks around the math means use AsciiMath input format, and that apparently does the lower-case conversion. It is not the formula class that does it, it is the fact that AsciiMath is used for the input mode.

Personally, I prefer to see what the student typed rather than the typeset version, but that may not be the case for everyone, and as Arnie points out, you can get it from the MathJax contextual menu via "Show Math As -> AsciiMath Input".