In most colleges, not a big issue.
With the military academies? Assuming it's just the circle game (which I assume it is), it still shows a lack of awareness and a certain lack of professionalism. By all means have fun, many of the pregame videos for the rivalry are just having fun with the rivalry.
But they really do need to be aware of the culture, the ways their actions can be interpreted. Maybe it's unfair to hold college kids to a high standard, but these are soon to be officers in the Navy or Army, about to lead kids from different backgrounds. The expectations and standards are high.
When I say "discipline", I mean anything from real discipline to extra training.