I was bullied/picked on in school because, at the time, I was one of the smaller guys. Growing up in the North, you learn that you need to take matters in your own hands so I did what people least expected; I straight out cold cocked anyone who bothered me. I have to laugh looking back on it because it never got me anything more than a warning from the principal. The bullying, BTW, pretty much stopped.
Now that I have kids, I get a front row seat to how school boards say one thing to but choose to do everything to sweep things under the rug. At my older son's school, there's one "posse" who's parents are either teachers or employees for the school board. They, for a few years, were bullying a bunch of kids in my son's class (including my son a bit, at first). The school chose to do nothing because of the parents of the bully's. The same kids started picking on my son who stood up for himself by pushing back. My son got a warning and I was asked to call the principal (or the vp, can't remember). Ooooo, the principle! Not the principal!
So I had a nice conversation with her trying to keep my anger and disdain to a minimum. I told her of the other kids being bullied by the same group, including one girl who broke down in front of my wife when talking about it (apparently, it was brutal). I told her that nothing had been done about it for years and she was directly responsible. I kid you not, I told her that I was proud of my son for standing up to the group of bullies and told her that, not only was I not going to discipline my son for his infraction, he had my full approval to knock every single one of them on their arses using whatever means necessary. She (the VP or principal) had a choice: either stop the bullying now or wait for a dust up that was sure to come. She chose the former. My son told me that when asked for those bullied to come forward, more than half the class did and many of them were crying. Pretty sad.
What do I think should be done about bullying in general? I don't think you can legislate any meaning change. None of it will be taken seriously. The people being bullied need to express their dissatisfaction verbally to the appropriate people then, if change isn't affected, perhaps take things to a physical level. The person bullying won't change if all they have to say are some words that sound like an apology, they'll walk out and keep on doing their thing.