The problem is that those bullies are using this argument to pretend they're doing nothing wrong.
Even if true free speech never existed, the idea of it shows exactly how they're being assholes.
Yes, it is an intriguing thing to witness. Bullies claiming they need the power to restrict the speech of their bullies. Sometimes they are correct when they point out the alleged bullies, but too many times the "bully" is someone that simply disagrees.
We used to call that bullying. And that "freedom" never existed. That's why we make laws to throw bullies in jail, to discourage bullying.
Harassment, bullying, etc. etc. People are assholes. That will always exist, and at best the behavior can only be discouraged. Basic schoolyard principles yo.