I never really cared about taunts. I don't mind not having them so I don't get taunted by arrogant bad players (like some who get lucky due to lag), but I do feel sorry for Luigi, Snake, and especially Kirby who actually do have value in using them. Then again, I don't use either of those three, so I clearly don't care. If anything, I can try to create unique taunting methods, like using Pit's N-air rapidly, or maybe Down-B after a KO (he says "haha" occasionally), or heck, even use the move that KO'd the opponent after KOing them. It's all about creativity, with the exception of the case of the 3 characters I mentioned earlier.
But to make my answer to the OP short, I'm more in favor of no taunts, though I still do worry about the case with Luigi, Snake, and Kirby. Come to think of it, I think even K.Rool has a taunt that has super armor too that he could've used within reason. At least ppl can still taunt in Arenas, but I assume no taunting is there because of the ranking system thing and all, but oh well. It's not like it affects me at all (Sorry Luigi, Snake, and Kirby players).