While I understand your perspective, more laws such as this is not the answer. Where are the parents in all of this? Why do these kids have unfiltered internet access? Why do they need to be on social networking sites?
I have a 10 year old and a 13 year old. Neither have complete unfiltered access to the Internet and neither are involved in social networking sights.
Sadly, not all children have parents who are actively involved. Some are in a position where they feel that their parents would do nothing to help even if they were to talk about the situation, and believe that they have nowhere to go, no one to advocate for them.
Even with caring parents, if a child does not have unsupervised access to the internet, what about their phone? Many parents give a phone to their children to keep track of them—how hard is it for bullies to send them hateful text messages?
I think it is the wrong message to allow bullies unfettered access to their victims, while telling the victims and their families that they have no legal recourse and it is up to them to stop the bullying... if they can. Some families have had to move to remove their children from bullying situations.
Laws on bullying are long overdue, IMHO.