With the female teacher/male student, there's little need for coercion, as the female teacher (and theoretically, responsible party) controls the spigot, so to speak. The male student simply needs an opportunity in most cases. Therefore, the 'responsible adult' should have controlled whether or not the relationship happened.
I agree, and I think your post addresses why people, generally speaking, don’t take this as seriously. Assuming she’s cute, most guys say things like they wish this happened to them in school.
In the opposite case, this is now how it is perceived.
But really, both are a problem, though one really is more serious than the other.