Is it really? In this example, could you not see anything wrong with calling employees losers and monkeys, until someone linked you the CoC?
It’s just a document.
However, in this case, the presence of the code of conduct has made it trivially easy to point out the language as wrong in a way whoever wrote this for Zig cannot refute.
It’s working exactly as it should.
Holding the powerful to the law is unfortunately, a separate issue to whether it's worth it to have written rules/laws in the first place.
A CoC could still be better than no CoC, even if it fails to rein in abuse from the top.