Hebbian and anti-Hebbian plasticity are widely observed in the brain and are classically modeled as mechanistic, local homosynaptic rules stabilized by homeostatic constraints. This raises an identifiability question: does observing Hebbian/anti-Hebbian structure in synaptic updates uniquely imply an underlying Hebbian computation? We identify an alternative, emergent route. We show that near stationarity, L2 weight decay generically drives the \emph{learning-signal} component of many update rules to align with a Hebbian direction, with alignment increasing monotonically with decay strength. This Hebbian-like signature is not specific to SGD and can arise even for non-learning or random update rules long before learning has ceased. We further show that stochastic noise in the learning signal can induce anti-Hebbian alignment, yielding a simple tradeoff with weight decay and a phase boundary in regression settings. These mechanisms do not replace standard Hebbian theory; they can coexist with genuine Hebbian plasticity and complicate the interpretation of synaptic measurements, motivating experiments that distinguish mechanistic Hebbian computation from emergent Hebbian signatures.