Earlier quoted context omitted.
It's a joke, because virtue signaling (or whatever name you want to give it) is bad, but Signal the messenger app is good so it's a play on words.
It’s not bad. It just IS. the only people that think it is bad are people who have a different opinion and feel attacked for whatever reason. I find it telling when people accuse others of virtue signaling because it is almost always someone who is jealous or insecure attacking said signaler.
Driving an economically efficient car -- choosing any sort of car -- has enormous consequences on one's life, for example. Choosing to by a particular car isn't a decision made lightly. But Prius drivers back in the day were accused of virtue signaling, as though the Prius were equivalent to a temporary tattoo.
In fact, speaking of temporary tattoos, simply having a bumper sticker advocating for animal rights, say, belief in anthropogenic climate change, or peace in the Middle East will expose one to regular displays of hostility and aggression, so it isn't a cheap signal.
In other words, in my experience your observation is spot on.