Oh you bet it does. I was actually just reading about the incident mentioned in the debate question. The arrogant woman in question who sent that nastygram has already deleted most of her social media accounts. The Internet came down hard on her, just like they would anyone else who acts out inappropriately.
It is my opinion that viral videos that are correctly used can act as a method of informal social control to limit negative behaviors. Creating a viral video for this purpose can be effective if the message of the video is made obvious through its content, and if the video reaches a large enough audience.
I think when nasty videos go viral, it does sort of act as a way of telling people that this is not how they should behave in public and, if they do, there could and will be outrage and backlash. This is one of the better sides of a world with less privacy.
While some people might avoid doing something negative after having watched a negative viral video, there is a class of people who become inspired by such things. These people then try to set up situations that are even worse than what they saw in the video and they take delight in that kind of publicity. All of us suffer because what it means to be civil suffers with each negative video. These videos do not deter negative behavior.
I believe social media has done a lot to implement social controls for negative behavior. For those that haven't learned their lesson about employers and Facebook use, I'm sure they will in the future. With that said, I do not believe viral videos work as a method for an informal control of negative behaviors.