Anecdotally, and interestingly, I've only ever seen the phrase "virtue signal" from the alt-right/white supremacist/Trump supporter group. I think I understand what it's trying to convey, but it seems to be used anytime someone sides with something with which that group disagrees. It's like a "dog whistle" for white supremacists and personally when I see it used, it makes me question everything else that person said.
I don't know. The minorities I talk to tend to be quite aware that some people are engaging in point-scoring for ultimately self-serving purposes. However, they are not usually loud about this observation, so the sentiment might get lost in the noise.
I am a hispanic and this is exactly how I feel. We are not pawns that need to be manipulated for social points.
Really? The lgbtq+ community has huge debates on virtue signaling every year. Many view pride as being completely overtakes by companies virtue signaling.