@Clintudy Making fun of people is bullying. If you enjoy insult humor, you actually enjoy being mean. Especially when your target is someone who already is treated like sh*t by society. That's punching down, not up.
Humor isn't subjective when it's mean to people who already are treated badly.
@SLWeippert humor is always subjective. What you might not find funny is something another finds hilarious.
And, to use your own logic, punching up is also bullying those in that position. The difference is they almost always laugh and suck it up. In fact, there is an entire genre of comedy specifically dedicated to this: the roast.