The "Code of Conduct" discussion is about a larger social issue. CoCs in open source projects are just one facet.
As others have posted here, some people pushing "codes of conduct in open source" end up violating those codes themselves, and abusing their authority. These people do this not only in open source forums, but in other places, too.
The underlying topic then, cannot be about the CoC. In reality, the topic being discussed is who gets to control the conversation. Along with that, who gets to decide what topics are acceptable. Not just which topics are OK for a list / forum, but which topics are "good think", and which ones are "bad think".
The question for someone running an open source project, then, is will your project be taken over by people who are pushing a particular ideological agenda, and who are using your project to do so?
My answer is "No.". Perhaps "over my dead body" is more accurate.