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There are only 3 types of Fair Catch signals defined in the NF code; Valid, Invalid and Illegal. The issue becomes where is the line between valid and invalid, and much as we'd like, it's not a straight line.
The receiver gets to decide when there will be a signal, the kickers are responsible to respect the signal when it's given correctly. Often the issue boils down to was the signal given clear enough to convey the receiver's intention and was it given so that the kicker had a reasonable opportunity to respond to it.
I would suggest that the vast majority of technically invald signals are not flagged because the kickers recognized what the receiver's intent was, and had enough time to properly respond and avoid any contact. Most smart officials are quick to recognize the signal as valid, since the intended message was received by the party it was directed to, and kill the play immediately avoiding most problems.
The difficulty arises when there is contact. Then the technicality of the signal, and the time frame in which it was given, may be held to a more precise level and a judgment has to be made whether the signal was actually sufficient, or not. Either way there is likely a flag, the question becomes is it for KCI or an Invalid Signal, which is a judgment unique to each situation.
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