more like "and now we have a CoC, so when anyone is even slightly grievanced, multiple careers will get torched (and not even always the party you'd expect)"

Instead of a tool to be used to solve problems local to an organization or an event, it's wielded as a bludgeon in always the most public way possible (either by the org/conference or target of the CoC itself) and time and again this has shown to be bad for everyone and an endless source of drama.