and the other presumed principal is that most drivers will toot the horn and figure that's warning enough for any child, not following up to see if the child continues to chase the ball into the street but proceeding on without regard for the child's response.
Right? That's the only scenario under which a sign like that makes sense; unless, of course, tweaking the emotions of the driver somehow makes him better able to avoid running children over.
Maybe it will. Maybe (miracles happen) he was already driving the speed limit, stopping at stop signs, and using caution because he's in a residential area. If so, the sign hasn't hurt him a bit.