You don't gather correctly.
The intent was to take images like this:
... and use them to claim that Obama (or whomever) was a secret racist... "for teh lols" in 4chan parlance.
That's it. That's all it was. That's the whole "hoax."
And now people who are not even in on the hoax take any picture of anyone they dislike giving the okay sign, and claim they're racist... strengthening the hoax.
And YES then you have people on the right stoking the flames further by flashing the hand sign, because that brings teh lols, as well. And I suppose that's where your criticism maybe seems to have some merit.
Except here's the thing about secret hand signals: They're virtually worthless if they're ubiquitous. How in hell are you supposed to know the difference between Obama et al giving an Okay sign and some KKK Grand Wizard secretly signaling his KKK brethren? How are the KKK brethren supposed to know the difference? How does that even function as a secret signal to anything if it's everywhere? And that's where your critique falls apart again.
It's all very Pynchonesque.