That is possible, yes. I think it is a fair point.
But I also understand that people want to somehow publicly show their opinions about Elon Musk. Or others.
For some, a public social media post is enough. Others want to do so with their wallet. Which, unlike a typical person's social media post, has the potential of catching, albeit indirectly, Elon Musk's attention. Which is their goal.
So I would not dismiss or make fun of the people who want to do it this way. I would not call it "virtue signaling" either if it is done with a genuine goal to publicly point out that some of Elon Musk's opinions are problematic or even dangerous.
These people are most likely not doing it because they want to "look like" they have a problem with such opinions. They do it because they genuinely believe that such opinions are harmful.