If you look at the bootstrap-button.js source, you'll see that the bootstrap plugin replaces the buttons inner html with whatever is in data-loading-text when calling $(myElem).button('loading')
.
For your case, I think you should just be able to do this:
<button type="button"
class="btn btn-primary start"
id="btnStartUploads"
data-loading-text="<i class='icon-spinner icon-spin icon-large'></i> @Localization.Uploading">
<i class="icon-upload icon-large"></i>
<span>@Localization.StartUpload</span>
</button>