Every org has a code of conduct and this is nothing new. How seriously it is taken in each case is a different issue. Code of conduct usually amount to some rules that say “don’t be an asshole to others”. Can’t see why this is problematic or “virtue signaling”.

CoCs are like HoAs. The people behind them are usually well-intentioned, and they certainly have their place, yet they're still quite dangerous. If the wrong kind of person gets into a position of enforcement, they can basically do whatever they wish, with no due process, recourse or principles of law being observed.

You get penalised in some ways if you don't have a code of conduct. For example github will nag you about having one.