Earlier quoted context omitted.
How about every time dang replies "Please don't do this" and links to the HN rules? Or bans repeat offenders? You don't hear about the system working right because it's inherently non-controversial.
Guidelines != CoC. People break the HN guidelines all the time and it is fine, they are there to help make people become better contributors and not to punish people.
The main difference I see is that the CoC also spells out enforcement actions and processes, while the enforcement process for the guidelines is whatever dang feels like it is. In other words from my perspective the CoC is less arbitrary.