I don't waste time taunting unless I'm taunted at. Squidbag me after splatting me? I don't bother going after them immediately unless they're in my range and I return the favor to them. If they're not, I continue to play as normal, then if I splat them while doing so, then I taunt back. I never really initiate is as I gain nothing from it. If I'm having friendly duels with people, then sure as it's all in fun.
Though I find it funny when people taunt me right out of my sniper range. Because either A, a teammate splats them because they're too busy taunting me and not paying attention to their surroundings. B, they don't realize I took a step or two forward and I splat them anyway. Or C, they end up splatting themselves somehow because they're so busy taunting they either fall off, or a teammate surprises them and they fall off anyway.
If you're taunting just to be arrogant, then no. If it's all in fun, sure why not?