Free speech has always been at the heart of the Codex, especially in the context of game criticism but I don't think it takes a genius to see that this doesn't imply a carte blanche on anything that would constitute hate speech, even if discussing things like the games industry pushing Black or non-heteronormative characters into everything, or the Gnomish conspiracy quest in Arcanum. Edgelords always want to push the bar all over the place.
While it's true that some of the legal liability issues could require changes, such as to some of the tags and usernames, is that really what you'd like to take the site down for? Are these sorts of tags and usernames part of the inalienable identity of RPGCodex?
I have always figured that the main identity of RPGCodex was being THE place to go for a good discussion of RPG mechanics, merits, and history even if it could be rough around the edges. As I recall, this is basically what MCA said about it back in the day. Personally, I think it's sad to think of losing that just because some users think it's more important to be able to throw around slurs like they have Tourette's and are unable to exercise even a modicum of self restraint. Whatever else you might think, the type of grognard discussions about tabletop RPGs, dungeon crawlers, the deep mechanics of the Pathfinder games (without the type of incorrect misinformation I've seen in other places), Fallout lore, obscure Sir-Tech lore, appreciation of the Gold Box games, Ultimas, and others of that era, etc. isn't really in one place anywhere else, so this isn't just another gaming site. The other gaming sites don't come close, but it's not because you don't get immediately banned for saying whatever racist, sexist, or otherwise hateful nonsense that's on the top of your head at that exact moment.
It bothers me that I even have to type this, since I had assumed that most of the other users felt the same way.