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Ok, to properly stop the redirect, you need to hook into WP init action.

add_action( 'init', 'signup_redirect_remove_init', 9 );
function signup_redirect_remove_init(){
remove_action( 'bp_init', 'bp_core_wpsignup_redirect' );
}

Note: the priority should be lower than 10, as we need to remove action before it…

Ok, to properly stop the redirect, you need to hook into WP init action.

add_action( 'init', 'signup_redirect_remove_init', 9 );
function signup_redirect_remove_init(){
remove_action( 'bp_init', 'bp_core_wpsignup_redirect' );
}

Note: the priority should be lower than 10, as we need to remove action before it…