I definitely have thoughts on this term. I’ll try to focus on the ones that have not been shared in this thread so far.
First off, the term as it is used now was in fact coined by a right winger, who was saying it about the left. At no point was the term not a political potshot. It’s not one of those words that used to have a legitimate meaning. No, I think it just always tried to have a veneer of respectability.
It seems to me that it’s common for words that are usually used as snarl words to often have some definition that gives it some veneer of respectability. That seems to be the case for virtue signaling, political correctness, white knighting, social justice warrior, etc.
Despite the above, the term virtue signaling as a whole does predate the right wing coinage, however. But, in that context, it was used to mean signaling one’s morals (or purported morals) by using certain terms that would identify you. For example, Someone using the term “lame stream media” has just very quickly communicated their political and moral beliefs, and thus would be virtue signaling. It would not matter whether or not they actually thought it was true.
But the current version always carries with it the idea that that the person is lying. And that is why it works as a snarl word. That seems to be one of the most effective tactics against those who have the moral high ground–insist that they don’t really believe it themselves. We all tend to see hypocrisy as the ultimate evil.
I do in fact think the modern version has no reason to exist. Any legitimate meaning it has can be handled with other words, rather than legitimizing the word. Using the word your opponent coined to attack you to attack others (other than in an ironic fashion to attack your accusers) has the huge risk of legitimizing the term in all uses.
That is why I avoid the term. When the “respectable” definition would be useful, I can describe it in other ways, like “performative altruism”—a term unlikely to be appropriated. I can say something like “Clapping for healthcare workers is just for show if you don’t do anything else.” Or even “that company is a hypocrite, saying they support the environment when they don’t.”
And yeah, if the company or person actually does the right thing, I don’t care a lot about the reason. It’s a good thing when a company who only wants to make money thinks it will make more money doing what we consider to be the right thing. It means that a lot of people agree it is the right thing.