I think you confuse several issues. No one likes their feelings to be hurt, and in our private lives, we tend to prefer people who are courteous to people who are rude. 
But freedom of speech is not a personal matter: it is a political right which the people of England (& doubtless other Western countries, but England is the one whose history I know in detail, so I'll confine myself to that)  fought for, century after century. Freedom of thought and expression lies at the heart of the modern West ( in England, this period begins around 1550, when the authority of the religious establishment, and later of the ruler, began to be challenged in a sustained manner).  It is fundamental to our being as responsible citizens. To demand that it be thrown away in order to prevent the hurt feelings of those criticised is narcissistic, as well as being an absurd over-reaction. 

No one obliges another to respond to insult: you choose how to respond. You can ignore it. You can say that it says more about them than about you. You can respond with equally hurtful words. You can have a meaningful conversation with the offensive person, and perhaps establish a common ground, or at least, increase mutual understanding.  However you react, that is your responsibility, and your sense of offence does not mandate the limitation of anyone else's freedom of expression.

 For that reason, I reject your claim that insult is bullying. It's not like an overwhelming physical force - I can choose to ignore someone mocking my god or my president, I can't ignore being blown up. Given that people most ready to take offence are also people liable to respond with violence, I ask you to consider who is the real victim here - the guy who professes to defend his prophet, but is actually just asserting power in public space, or the guy who has just been murdered for refusing to think the way someone else demands they do? 

All persons have a right to protection in a civil society. Their ideas and emotional preferences do not. Those need to be openly discussed, not imposed by threats.  Relentless satire against those in power was the tool of scientific, religious and political freedom. It won't be surrendered lightly.