Sometimes people or institutions signal virtue because it's cheaper than being virtuous (actually benefiting someone), true. But often virtue signalling is cultural, a first-mover's dilemma (subspecies of prisoner's dilemma) and horribly expensive. Re higher education and the virtue of conformity that's sought by corporations, see:

http://www.latimes.com/opinion/op-ed/la-oe-caplan-education-...