If they'd cut out their classmate's head from their yearbook photo and pasted it onto the body of a pornstar with elmer's glue would police have gotten involved? This type of bullying is as old as dirt. Bullies suck, and the kids who did this should get in some kind of trouble with the school and their parents, but this is not something police need to be involved in. The moral panic over deepfakes is ridiculous, but…
And that's what laws should be concerned about. Creating something for your private consumption is usually a private matter. Distributing it should be judged according to the potential harm, as well as to potential legitimate uses.