Amazon making a pledge not to work on facial recognition does not seem like cheap signaling to me! Cheap signaling would be Google's "AI Ethics Board" staffed with people unlikely to make trouble while Google continues to work on AI. A pledge not to work on technology is an expensive signal!
Ideally, sure, to stop something everyone agrees not to do it. But history is stuffed full of examples where one company could have made a difference. Imagine if IBM refused to work with the Nazis or if Dow Chemical refused to sell agent orange to the US.
It is impossible to solve anything "forever." Facial recognition will be developed, but how long that takes and how well the world can grapple with the consequences matters!