You mean "the system so I can spam one button and hear the same thing over and over again for my own amusement" is sorely lacking. Because in my book, taking away a 12 year old's ability to be obnoxious has been a giant leap forward for the game.
Do tell, good sir, where are the following taunts: "Sorry," "thank you," "get inside," "get outside," "get upstairs," "get downstairs," "let's hole up here," "run," and so on? Would you so ludicrously suggest that the current taunt system is superior - or, dare I say, adequate, even - because it removed one single function which you found unsavory? Are you so embittered that you would judge the exchange worthwhile? If so, then I have a bridge to sell you...
No, the taunt system as it stands now in KF2 is most definitely INFERIOR to KF1. Not only does it have far fewer taunts, but it also lacks several essential taunts, it excludes the interesting/fun taunts many people (excepting yourself, apparently) find enjoyable, and, its most grievous sin, it requires players to press "z" key by default which takes a finger away from the movement keys. This alone should have been fixed from KF1.
My one hope is the fact that this game is early access and that the devs have time yet to fix the issues before full release. You are free to be content with sub-optimal taunt system. I will call for a higher standard. If I wanted a boring, slap-dash taunt system, I would play Battlefield.
TL; DR: It's a game, son. Don't get your feelings hurt because you took some pub player's "Insult players" call out too seriously. We would only benefit from a better taunt system. Suggesting otherwise is foolishness. And fun taunts like "insult players" are part of that system.