Discounting squidparties (which are mandatory to join in), no, but kind of recently I've come around to the idea of viewing it as playful/celebratory rather than toxic/mean-spirited. I don't know when or why I started feeling that way; I think one day it happened to me in open and for some reason I just... found it so funny, like, it's impossible to be mad at that, it's so silly, look at them, they're just a little inkblob so happy/excited/celebrating their victory!! good for you!!
I would still never do it from the standpoint of 'the joke's only funny if everyone is in on it' and a lot of people still both use and perceive it as a negative thing, but I can kind of see how, among friends/people who know each other and have an understanding, it can just be a way of being playfully teasing and silly with each other.
As a bonus having this perspective makes me generally immune to anyone's legitimate attempts to do psychic damage to me via squidbagging, lol