How is it working? The post is still there, referring to people as "losers" and "monkeys". Was the author of the post chastised? Have they edited the post and apologized?

Heh. You've rediscovered Critical Race Theory, which was a graduate-level theory about how rules/laws are systematically applied to minorities/the powerless, and not applied to the powerful/project leaders.

Holding the powerful to the law is unfortunately, a separate issue to whether it's worth it to have written rules/laws in the first place.

A CoC could still be better than no CoC, even if it fails to rein in abuse from the top.