You can yell “Faggot” in theater. People won’t like it, but it is protected. 

However, if you falsely yell “Fire!” in a theater, that is illegal.

Why I personally support this? If certain words (Faggot, queer, stupid, dumb, insane, nigger, etc.) are barred from speech, it opens the door for other words to be banned. Free speech exists to allow criticism of the government.

(Also, if you’re offended by words like stupid and such, grow a thicker skin. Hell, if you’re in any disadvantaged group, you need a thicker skin to deal with daily life, not a thinner one.)