.. Ok I'll take the video bait and reply:
Bob. You missed the why, even though it was handed to you.
Those who are made fun of, bullied, etc, are done so because they are different. Thats the real reason. Just because your tormentors were diverse doesn't prove this wrong.
The real true difference, that makes bullying continue, is cultural difference.
Not so much ethnic culture, but a smaller more centric form of culture. Men and women, boys and girls, all have their own main line culture, and smaller cultural cliques within those cultures, and those who don't fit in, or can't, are bullied. Why? Well its an extended form of experimentation to see just what makes you you, since you don't fit their mental perceptions or expectations, and or its a source of amusement.
The bullies, even groups of them, likely started bullying each other. No one is exempt from hazing, as the response to it determines if you're going to be with the hazer, or a target.
Try this in real life. Find someone and say "O rly?" if they respond "Ya rly." You know they're netculture savvy and you can share your lols and lulz. If they go "yes. Really." or just look at you quizzically, you know they aren't a part of your group, and so "icanhas cheezeburger" will likely be lost on them, and they'll think you flunked English. Now if you find someone netsavvy and someone not in the same general group (lets say your coworkers), you'll probably interact more favorably with the person you share culture with, and not make as much of an effort to talk to the other person on a friendly, non-business only, level. You're excluding that other person, and, while its not in their face, its still a sort of social rejection and emotional bullying that is experienced by nerds in the realm of jock culture.
At a juvenile level this breaks down into how seriously you take verbal abuse, how well you stand up for yourself, and or how quick witted you are. The first time is what counts the most. You get called a name, you call one back (preferably more creative and harsher), and continue the escalation till it concludes in a fight or the bell rings, and you'll probably be a friend to the instigator within the semester. Get hurt or mad, and you're now a target. Because everyone likes schadenfreude, and the person who causes it. (Don't believe me? Go watch comedy central, or loony tunes for that matter.)
The ability to recognize the socialization and social-role-finding behaviour of your species is what defines you as "normal" or "different" on the most basic level. And lets face it, all of us who would self identify, or claim the label of nerd, freak, geek, etc, are, or were, a bit socially inept.
As far as the "superior therefore feared" idea goes, its just as mislead as the entire videoblog. While there may be some statistical correlation between awkward nerdy kids and above average test scores, thats not the reason.. its just an extension of the circumstances. Ever notice there are plenty of 4.0+ kids who are not socially awkward, but are popular and socially mobile, part of the "in-crowd"? How'd that happen? cheaters of course. had to be. Right? Naah, they're just intelligent enough academically AND socially to be the smart popular kids.
On the subject of demonization of intellectual prowess and achievement: This is nothing more than standard human xenophobia. We fear that which we do not understand. If this weren't the case the phrase, "Not bad, for a girl." and all its variants would never have been uttered.
Like it or not, the average mean/median person out there just doesn't really get tech. They can use it, like it, and often think its pretty, but the actual mechanics of it are beyond either their ability or care to know, and that makes the entire subject "foreign".
Why is Michael Jordan a hero for bouncing a ball? Because EVERYONE (aside from maybe quadriplegics) can bounce a ball. That inherently places ball bouncing people in their cultural circle and so are "one of them". Hence the Olympic games. Sporting events. Even if the competitors can't talk to each other, they all speak the same language of movement and competition, and shortens the gap between "us" and "them". That's the very spirit of the games, and the heart of it is a shared culture of play.
Not everyone gets what its like to be a billionaire business mogul who's forgotten more about technological engineering than 98% of the population will ever know.