If you actually believe in meritocracy, it seems like a problem that the Contributor Covenant is in use by several high-profile projects that have had no noticeable loss of technical quality or failure since adopting it, and the Code of Merit is in use by ... no one. (Google the phrase in the README to confirm that.)

So, the meritocratic option is to adopt the Contributor Covenant and the incident-handling practices it comes with, which empirically help produce great projects. The only reason to adopt the Code of Merit is ideological attraction to its worldview outweighing the desire for a better technical project.