CODE_OF_CONDUCT.md exists and names a working reporting contact
A code of conduct with [INSERT CONTACT METHOD] still in it is worse than none, because it advertises a reporting channel that goes nowhere.
Observable check
CODE_OF_CONDUCT.md exists at the repository root, in .github/, or in docs/ on GitHub, or at the repository root on GitLab, and contains an email address or a reporting URL with no template placeholder text.