Where there's a will, there's a way. -- Proverb
The Pro’s seem to see punishment, of all sorts, to offer a convincing argument for conformity. The Con’s are indisposed to entertain the possibility that non-physical punishment may easily reach the level of torture, even though every grade school bully knows this in his (her?) bones.
And cyberbullying opens a new dimension in which the infliction of anguish has little to do with physical contact. So long as adults delude themselves that merely forbidding a mode of infliction will suffice, cruelty will out.
To pursue related considerations, see School Violence, Punishment, and Justice