This is not about moderators, this is about the general community members being a victim of weaponization of the CoC by other general community members.
This question is NOT about pronouns or any other sociopolitical conflict that is going on at the moment. Please do NOT make it about that in the answers.
Every time the CoC gets updated, it gets more open to abuse and weaponization against people with no intent of malice or that have made any reasonably objective violations.
This has been a problem going all the way back to the basic Be Nice! policy.
I have been targeted more than once in the past for simple neutral phrased comments that people flagged as abusive just because my name was on the close vote list voters on their objectively off-topic question and they disagreed with the closure for whatever reason.
That is what weaponization means. You then suffer consequences and have to prove your innocence to get relief by tracking all the false allegations and proving the serial flagging abuse yourself. All that said ...
In my experience of being a victim of such abuses, issues with abuse of the policy have always been handled by the moderators using their best judgement. The majority of the time they got it right and the few times they did not a peer review usually corrected any mistakes.
Every update to the CoC, though, ties the moderators hands more and more firmly and pushes them to go from using their best judgement to imposing absolute strict enforcement of rules as they are written.
Which absolute rule was enforced and who the rule was enforced against is irrelevant to the root cause of the complaints about the CoC.
The irony that an unpublished CoC was apparently weaponized against a moderator because they pointed out that it could cause problems related to uniform enforcement and thus weaponization and that they were then proactively removed because of something they might do when the CoC took effect is not lost on most of us.
It is rightly a concern for the general population that they could easily be subjected to the same kind of thing with no recourse.