So much of a well-functioning team depends on trust.
it's all fun until somebody says the wrong thing to the wrong person and HR gets involved and hashtags go viral and then there's a huge blow up about why all of this behavior was tolerated for so long and who was responsible for tolerating it.
No. Where I work we talk a lot of smack to each other. This doesn't go on behind peoples' backs - we prefer that the victim be there to hear it. But about 20% of the time, the "victim" is also the speaker - it's self-directed smack.
When we were interviewing this guy to join our team, I mentioned this behavior, and asked if he was going to be able to put up with that environment. The thought for a moment, and then said "It sounds like you trust each other." He was exactly right. It's because we trust each other that we can tease each other - knowing that the sender wasn't speaking in malice, and knowing that the receiver won't take it the wrong way.