Banter (the playful and friendly exchange of teasing remarks) is something which, IMHO, only has any value for a very, very short time! It seems to work best when young people are flirting and joking and making comments and very quickly reveal that they do actually like each other. For anyone older than a teenager I am not sure how teasing really adds any value!
I think teasing (making fun of or attempt to provoke a person (or animal) in a playful way) just becomes boring. It may rely on something about he person that stands out: bald or thinning hair, style of dress, accent, etc etc. Some will be things people cannot control, some may be things they choose (e.g. style of dress). Either way what value does it bring?
In my experience it can cause rifts in relationships. The banter can quickly create a situation where one person feel upset and either storms off/breaks contact or where they feel unable to say because it is 'only' banter!
In families it can cause upset, and there is no HR department to take the issue to. So in families I think it can be even more unhelpful.
In work, at least, one can rely on the fact that there are rules to determine how we are meant to relate to each other. Any boss who cannot built a robust and happy team without teasing a junior member of that team is, at the very least, a shit boss.
My team are lovely, we make strong relationships by talking together, sharing what we are doing at work and those bits of our personal lives we feel we wish to share. We have shared team meetings and sometimes meals together at key times of year (like the start of the year). This has build a very robust and strong supportive team. I am overweight, one of my colleagues is bald, one has a decidedly funky hair cut, one a disability, if any member of the team made any teasing comments about anything it would begin to destroy rather than enhance that atmosphere.