I see where you are coming from, but I do think Blizzard's support of LGBT is genuine. I think people pushing for the inclusion of LGBT characters are doing this not because of cynical greed, but because they believe in these values. Those are values that likely aren't only shared by the creatives working on their games, but also by people of its management.
But, and that's where it becomes frustrating, taking social responsibility is at best a secondary goal for larger companies. Especially those which are publicly traded. Making money almost always comes first. Maybe you can take a stand for what is right and pass on some profits without bigger consequences, but when talking about China we are looking at a huge market. Angering China would have huge comsequences that most companies that are active in the market don't dare to risk. In the business world, doing what's right instead of what's profitable simply isn't being rewarded. It's a case of begrudgingly playing ball even if you personally hate with a passion what you are about to do.
To be clear. this isn't meant to be a defense of what Blizzard's done. It's still awful and bad. But at the end of the day individual companies aren't making the rules, they are simply playing by them. It's a failure of the governments - North American and European in particular - not being able or not being daring enough to find solutions for their companies to work eye to eye in China.