Having a code of conduct and explicitly informing the world that you are Catholic and run the place in a Catholic manner, can be divisive. Not because Catholicism is a Big Bad™ or whatever current scandal, blah blah.
Because Catholics have a very distinct management style that excludes free flowing ideas and a two-way relationship with management, and focuses on nailing down perfect form. Sometimes it produces great results, other times not so much.
When it doesn't, it can be even more difficult to offer an alternative method, because of a strict CoC. For employees, the rules are sometimes used by management as an unintentional denial of different solutions.
People who know how this management style impacts their work life, may avoid the company. The internal environment becomes over-specialized towards one particular way of thinking and enacting technological change. Which is probably fine for SQLite to forever be the same as it was, which is all most people want out of the project anyway.
As a general trend though, it's concerning that otherwise solid companies are closing the front door to new ideas and opening the window so the non-CoC thinking can fly away.
The relationship everyone wants in the corporate world, is with the most skilled people at the best price. It doesn't necessarily correlate with perfect form or political CoCs.