Given his history, he doesn't seem like someone that is manipulable and I expect he has enough FU money and cred to not be coerced into anything unwillingly. Sometimes the simplest explanation is the best?
The way a CoC would work, I think, is hard to quantify.
Sure, it may mean that some folks rage-quit on principle, some will continue bad conduct and get themselves kicked out, some will subvert the intent of it one way or another.
But if a CoC is "successful", it will mean that gradually you'll start to see folks who were previously under-represented start to contribute. You'll see more diversity and less fear and loathing. Is that a worthy goal? Yes, for many.
