Much of the conversation here misses the point of CoCs (and org policies in general). I've led 200+ person community orgs and helped put in governance for Fortune 500s, it's all the same - policies are an exercise in leadership, and are exactly as effective as the leadership in place.

Rules, policies, laws, Hammurabi's Code - they're all just leadership decisions made in advance. The problem here is that the leadership clearly doesn't really care. They got a complaint, they "investigated," and they moved on. Classic "governance" - totally ineffective.

After years, my favorite governance approach is still the one from a college club. It read in it's entirety: "No !ssholes." It makes clear the goal, who will be enforcing, and what to expect: The goal is no !ssholes, I will be enforcing, and I will do so by calling you an !sshole. It's just social pressure - and for anything outside of the judicial or corporate systems, that's all there is anyway.