It's a costly signal [0], that's for sure. But what is unfortunate is that it is a signal that is far more costly for some than it is for others. It's the reason why minorities, immigrants, renters, etc., are underrepresented in local politics...angry white-haired retired homeowners with nothing better to do than complain about other people parking in "their" space are the ones that can show up to meetings. Everybody else has far more pressing things to do.

https://en.wikipedia.org/wiki/Signalling_theory