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.