It's not a piece of legalese with which you can bludgeon people to get your way (I mean it can be, but that is not and should not be the point)
When an organization has a code of conduct, it makes clear how I can complain about actions or events that occur under their jurisdiction. This is important because if you have high friction to reporting issues, issues don't get reported. [1]
What happens then? People who have legitimate grievances are the ones who stop coming around and you're left surrounded by the assholes who chased them off
The code of conduct should be cheerfully received by everyone:
1. I know that my actions are above board, because I can read what is allowed
2. I know that any actions that aren't will be reported and processed not in public (eg on Twitter) but in some sort of well-defined process
3. I know what the range of penalties can be
4. If I experience a violation caused by someone else I know how to report it
Four is arguably the most important point. Otherwise you end up with would-be coc violations adjudicated on Twitter.
[1] I'll add that it should also describe how people who receive reports respond and how the issue will be mediated. All of these steps are important. It's important for conference volunteers to know what to do when they receive a report. It's important that you know how to make a report.