CoCs help prevent and deal with incidents of racism, sexism, homophobia, threats of violence, etc. Those aren't things I, and presumably you, don't want at conferences.
This was an example of CoC being poorly implemented in several ways; that does not mean that CoCs are inherently bad, anymore than corruption in some country's election should be taken to mean that democracy is bad.
There will never be a perfect CoC or CoC process, but there are definitely better and worse ones, and better and worse usages. Personally I'd rather go, or have colleagues go, to conferences which have one; if this conference didn't have a CoC then the critiques Jeremy offered couldn't have been as specific and pointed.
I've seen events and organizations ruled entirely by the organizer's arbitrary fiat and trust me, some of those have been horrible, much worse than they might have been had they had an organized standardized Code of Conduct.