The connotations of "Code of Conduct" might be overstating what this ended up being. In the initial discussion matz was emphatic that there would be no formal enforcement mechanisms associated with the code, and he then announced it with the comment "I hope it works. We may upgrade it if something happens." (https://bugs.ruby-lang.org/issues/12004).

My interpretation is that it's a minimal formalization of "Matz is Nice And So We Are Nice" (https://en.wikipedia.org/wiki/MINASWAN), likely at least in part aspirational like MANISWAN, and that rules lawyering and the like will not be viewed kindly.