If you associate warm and fuzzy feelings with a company, you give them more business -- a very old advertising principle.
Knowing that Spotify doesn't want you to beat up Asians gives the majority of people warm and fuzzies. And I suspect the tiny minority of dudes that want to punch an an old Asian lady are unlikely to do what Spotify tells them to do anyway.
A couple years ago there was a giant banner at the top of my premium Spotify page reminding me not to beat up Asian people.
Thank goodness they curtailed my race-based violence as a Spotify subscriber, but I don't see how that makes them money.
I suppose the virtue signalling was a calculated ploy, but it seems like a long and winding road getting from those banners to more premium accounts.