By that reasoning it is acceptable to make dick jokes about trans people. When the average is white and had 40'ish years of male privilege there isn't much more in the way of up to punch. And certainly many people do find it acceptable.
It's still a _dick_ move.
I'll "punch" about politics, I'll "punch" about acting like dicks, about special snowflakes using their feels to trample over other people because they refuse to see beyond their own wants. I'll "punch" about using the oppressed as a shield to advance nefarious agendas that would make Virginia Prince stand up and cheer. I'll "punch" when the proposed solutions to problems of the patriarchy somehow involve giving people with dicks more access to women's bodies and I'll consider every one of those "punches" deserved.
But to make someone's pain worse because you find it funny? How could that ever be cool?
There is an entire debate thread in Discuss, actually started by me, about this, and I don't consider every single joke to making someone's pain worse. I also make jokes at my own expense, frequently, about my sexuality, my disability, my class and tons of other things. Admittedly, I'm white cis male so it's easier for me to do so, but amongst my circle of friends (of a mix of classes, genders, sexualities, races, etc.) basically nothing is off limits and no-one's pain is being made worse.
While our trans users have had to repeatedly remind me that intent is not magic, that does not mean it's irrelevant either - my best friend can get away with all sorts of off colour jokes about my disability because we know each other and so we know what can be got away with. Almost anyone else outside of maybe a dozen people making the exact same joke? It's not okay.
Anyway, taking the trans issue out of it entirely, I don't think that we as a society need to move on from dick jokes. Dick jokes can be funny. You can also come up with clever, witty dick jokes.
Farts are funny too.