Are you not signaling something that you value?

• You think that it's bad character to express a believe that demonstrates one's own good character or moral superiority.

• Someone expresses a belief that they believe demonstrates good character.

• You expressed an opinion and deride them by calling what they did virtue signaling.

• This serves to signal to other like-minded folks of your own good character or moral superiority.

Oh wait, does it only count if it's an opinion you disagree with? Oh ok... well you probably don't think of it like that... you wouldn't be able to feel superior and like you could call someone stupid if it was like that...

Let me sum it up for you with an example:

• Hypocritical: "Alice expresses to your Bob that people who hang pride flags are assholes because they virtue signal"
• Consistent: "Alice expresses to your Bob that people who hang pride flags are assholes because it makes her feel uncomfortable" or she thinks it sexualizes the children or some shit like that.

Say what you mean: don't hide behind that "virtue signaling is wrong" crap. If you are doing something that is morally correct, then you should be promoting it. Say why you think whatever they are "virtue signaling" is wrong.