Shit runs downhill. Whomever is at the top is the DNA for how things actually work.
To me, the good news is Torvalds is taking some time to figure himself out. That is likely to make a major difference.
Few people bother to really deal with the man in the mirror in earnest.
This isn't the end of the process for the kernel community; it's a major step in the right direction.
Personally I remain skeptical, because in one community I saw first-hand how the people at the top used something like CoC to justify their malicious acts, in the name of being welcoming.
It is the same old morality game that does not ensure any genuine harmony.
In Germany, they say: "'Gut' ist das Gegenteil von 'gut gemeint'" ("'Good' is the opposite of 'well-intentioned'"; I am aware that the pun does not translate well into English).
"The road to hell is paved with good intentions."
Also, this is my original comment above, where I make it clear that I don't really care about the code of conduct per se, but I'm thrilled to see Linus deal with the man in the mirror.