This is an oversimplification. In the land of monarchies progressives were pushing for more liberal democratic reforms. Capitalism is the economic manifestation of democratic liberalism. There was a huge desire to keep religion out of politics at the time of the American Revolution l’est society return to the divine rule of kings and queens. This is why separation of church and state is enshrined in the constitution.

Over time power structures changed and the largely white protestants that established the wealth and dominant culture of the land developed a political ideology around preservation of the status quo. This is where the word 'conservative' comes from. So it’s not that capitalism co-opted religion, it’s that the religious and the wealthy are hugely overlapping segments in America.