Motivated by virtue signalling, sure.
This is the phrase everyone gloms onto, but is that what's actually motivating people? I'd bet a thousand dollars that if we went to an affluent, progressive high school and asked a class, "Hey, do
you guys y'all want to attend a higher ed. institution that is inclusive?" I'm almost certain the answer will be an immediate and enthusiastic "Yes!" And I'm certain that if you follow it up with, "Ah, so you're hoping to go to community college?" The answer will be "No..." They want to attend the most exclusive institution they can afford. Does it follow that they were “virtue signaling” with their original answer? No; it was a genuine answer, but people are complicated. They want the imprimatur of a respected IQ notarizing body, but they also want students to feel safe, not experience discrimination, etc. Of the two, which do they prioritize? Probably themselves.
Instead of virtue, I think it's a matter of generally signaling fitness, or more specifically social status. The words people use, their accent, manner of dress, etc. all signal status. Robin Hanson had a classic blog post about the activities people mistake (politics is not about policy, school is not about education, laughter is not about humor, food is not about nutrition, clothes are not about comfort). People who dress in "basic" ways are not (generally) as attuned to the culture. They're less likely to know what's in and what's out. People get in on the trend because they're motivated by conformity. Once too many people get in on the trend, it goes bust, and something else takes its place.
The only constant rule about language is that it changes. Words that used to be acceptable are no longer considered acceptable. It happens. The criticism is that these language changes are not evolving organically; they're being imposed. Latinx is a prime example; the target population does not like the term, and some charge the Anglicization of their language is colonialism 101 -- like imperialist powers imposing borders on foreign people. I'd bet most self-identified Latinos and Hispanics do not even know the difference between Latino and Hispanic (not that it matters).
Young people and cognitive elites are among the most capable of adapting to changes in language. Corporations, like people -- because they are people -- also want to get social status on the cheap, hence the woke-washing. Just as it's easy to write on Instagram that "Trans rights are human rights," it's no skin off Budweiser's teeth to print rainbow labels to support Pride Month. It's amusing to see conservatives rage as the global marketplace takes precedence over the US. Oh no, it's profitable for franchise films to have superficially diverse casts. I'll be more interested when companies welcome unions, let alone workers owning and controlling the means of production.