For those of you not familiar with the meme, he didn't say it simply to be vulgar; he attempted to utilize an internet meme to be funny. If this happened fifteen years ago, it doesn't make the news, and he isn't scrutinized for attempting to make a funny.
Was it in poor taste? Yes. Was it funny? From most first-hand Twitter reactions I saw yesterday, yes. Was it worth doing in today's always-connected world? No?
This is just a college kid being a college kid. Scrutinize him for stealing crab legs and allegedly sexually assaulting women - not for trying to be funny on campus.