Did the idea that a targetted Taunt like that actually having on field or on court consequences make a difference?

Or cow bell restrictions?

It's my observation that officials WANT to stop that kind of stuff but haven't found a mechanism that actually discourages that kind of classless behavior

I think you would need something very general and NCAA wide.

For example, in New Mexico we had a big deal about a high school that had really bad fans ... So the state banned any fans at their home games for a season