Earlier quoted context omitted.
Until recently, having a CoC in the first place is something I viewed as signalling allegiance or submission to the bully crowd you mention. Over the recent years, however, CoC seems to have become a new term for the standard rules boilerplate every community has, so I view it as neutral these days. (Unless someone makes a big deal about adopting Contributor Covenant. That's just genuflecting to the "rail thieves".)
Nope, it's still virtue signalling. By acknowledging the need to have a paragraph of text that boils down to "play nice, or we'll take your things away", you've already given trolls too much legitimacy and power. Why is it so hard to start from a position of: assume all participants want to make the project better from the start until otherwise seen?
(That example was not referencing any particular case, BTW)