I'm not sure I agree. The CoC was written down, which means we can critique it and change it, and hold them accountable to following it (which they failed to do.) And as you see, they are responding to feedback about their handling of it, although I'd guess we'd agree that their response thus far is pretty inadequate. But I'd be inclined to continue to pressure them to step up.
If you advocate for getting rid of CoCs, IMO, you have to have an answer for how actual harassment should be dealt with. Many people I've spoken to did not feel safe at tech events of the past because of rampant harassment that would be swept under the rug. The tech industry of 2020 is not prepared to return to that world.
It seems like step one of dealing with harassment is to define it, which is the problem CoCs should solve. If you think they are failing, what is your alternative, if it's not to improve them?