It's a form of harassment. That video is a good example of someone who is very obviously doing what he's doing with the intent to cause humiliation/harm, too. There's probably no way in the US though, for example, that you could get much restriction on most of what is categorized as "catcalls." Restricting verbal street harassment would be touted as a violation of the 1st amendment. And you can only disregard the constitution if that disregard results in the restriction of marginalized people's right to exist, a kid's right not to get shot, or someone's right not to be pregnant, you know, that kind of thing.

Also, when men yell shit at you on the street, whether they think it's compliantly or they're calling you a slur, the option to "exercise your free speech in return then!" isn't really real. If you engage, there's a much higher likelihood of you being physically assaulted.