I think the flag button is meant to be similar to that button, but it doesn't mention cyber-bullying by name. It is unfortunate that unlike sites like Facebook or Twitter where you can block the person both ways so that not only can you no longer read what they write, but they can't read what you write and then act on it, on HP, what happens is that you can block the person from your homepage so that you cannot see the person on that homepage. But you can still see the person's responses on hubs that you read when you are reading those hubs and see comments they make in the forums if they are someone who writes in the forums. A lot of people avoid forums because they can get out of hand. I won't go near politics and religion on the forums, but even ordinary topics like Hubpages community will get arguments that resort to name-calling.
And it does not stop the other person from reading whatever you write and interpreting your words any way they want. I've done what I can to block my cyber-bully from Facebook and Twitter. I have blocked her ans she cannot read me there. But she can still read what I write here, and I still see her messages on other people's hubs.