I disagree with the statement 'punching up is good' but I wasn't sure I disagreed with what the person making that claim actually means by it, so before writing an essay on why that is wrong, I'd rather first ask them to clarify their stance to make sure I'm arguing against their actual view, instead of the view I'm only imagining them holding.
'Don't punch down' is a rule I mostly agree with it. There are exceptions, but you're probably not a bad person even if you resist "punching" in those cases. 'Punching up is good' however not only says that it's okay to do so, but that it's actually a virtuous thing. That I disagree with, and since most people in this thread seems to think "the golden rule" (Do unto others as you would have them do unto you) is a good rule to live by, then I'd also like to draw attention to the apparent conflict between these two.
Personally I'm of the mind that punching, be that literal or figurative speech, is almost never good. Punching, to me atleast, sounds like something that's directed towards a person instead of ideas. There is nothing too holy to criticize or anyone too privileged to criticize it. That doesn't mean all critique is valid, but that's what discussion and debate is for. As long as you're coming in good faith, then all critique is fair game.