The FCC regulates content that it deems "indecent" or "obscene" - legally nebulous terms. "Bullying" could cover incidents like Dan Savage redefining Santorum.
The FCC has been trying to get their hands on the internet for decades, and I see enforced net neutrality as their Trojan horse. It's possible I'm overly paranoid.
fwiw, we probably agree on the actual definition of bullying, and also that it should be illegal. I put it in quotes to indicate I'm using it imprecisely, not because I'm OK with what I believe to be legitimate bullying.