The problem with bullying is that defining it is almost impossible. "Real bullying" depends really on each person's confidence and abilities to deal with a problem. What might seem like a joke to someone, could be what pushes a kid to the decision of committing suicide. That doesn't mean we should sit there and watch kids kill themselves.
A law might sound silly, but is not like there aren't stupid laws out there. The justice system isn't good enough for a bullying related law passing to seem that ridiculous imo, and it would bring awareness. Hell, in the past years awareness on this issue has been raised to a point it'd never been, so I don't really get when people say nothing can be done. I don't really think that we have any idea of what she really meant by a law, though.
Anyways
to Gaga, definitely putting her money where her mouth is. And while people still doubt whether it's genuine or not, I don't really see how that matters, at the end of the day, isn't the life of some insecure kid more important than a pop star getting an award or an interview?