Think about free speech. We have a constitution that protects the value of free speech quite strongly. It regulates, in the sense that the constitution regulates, to protect free speech. That is its design now. I see a problem with code as law, in that code can be written by anyone at any time.
Any code can be written, that is true.
But the code that governs the space generally is not code that anyone gets to write. Think, for example, about the design of this chat space. As it is designed, there is a moderator who gets to control what questions come my way. That is because the code makes it that way. It could be different.