I should clarify “value” is subjective. Value in this context doesn’t necessarily mean good, of value to society, aligned with your values, etc. Just that one party is willing to part with cash in exchange for something of value to them (presumably of value to them – unless they’re on drugs).

They’re providing value, just not to the company at large. But the specific person that hired them, and pays them with company fund, you can bet your ass they’re getting value.

It's a noisy signal but not an outright bad one.

Not just noisy, but also power/wealth weighted.