I'm not saying that they aren't status-signaling, but I would argue that it isn't just status-signaling and tax-deductions.

After all, because there are so many avenues of pursuit, there must be some way for people to decide which to take. I mean if there's a contemporary art gallery I'm bored of, and an impressionist art gallery I like, I wouldn't donate to the contemporary art gallery because of status. I would donate to whichever I like the most. Both of them give me status.