It isn't socially acceptable. That sort of bullying is looked down upon by society. For some reason, high schools seem to ignore society and play by their own rules. Once you graduate and move on with your life, you'll realize that people think you're a giant *** for acting that way.
I go to a small private school where we all wear strict uniforms. Everyone has to buy their uniforms from the school, too, so no one is different. From 3rd to 12th grade, you wear the same exact uniform, the only thing we get to pick from day to day is if our slacks will be khaki or blue, and if our shirt will be blue or white, and if our sweater will be red or blue. We don't have a problem with someone not having "cool" clothes.
I get teased for being short, but I'm also younger than everyone in my grade, so it's kind of silly. The taunting is never taken over board, however. My school really doesn't have a bullying problem. Way too many of the juniors and seniors start chewing out younger kids who are acting like bullies.