Doing that in response to reporting doesn't do anything for the company's incentive to discourage reporting -- now it's even less desirable because they have to pay for something.

Things that come from a CYA perspective are compromised. The motivation is to check a box at the lowest available cost, which is not the recipe for competence. It's not hard to screw something like that up and end up training people to consciously consider race when making decisions.

There is legitimately a trade off between honestly convincing people to care about something and passing laws requiring them to appear to care about it under penalty of financial liability.