I also believe that Riot Games would fire employees for excessive offensive in-game chat.
In this case I think it might very well be a case of "The Aristocrats" humor like they mentioned in the article (CAH). I disagree with withdrawing the invitation based upon private communication here, but if it was publically visible and said "hey we're Harvard Students" I can understand Harvard's position and cautiously agree with them.
> The founders of the messaging group demanded that students post provocative memes in the main group chat to gain admittance to the smaller group.