It's not based on a true story. The plot and characters of Bully 2001 were created by the imagination of the writers and not drawn from real-life incidents. Usually, such fictional works are crafted to entertain and engage the audience with an invented narrative.
Bully 2001 isn't based on a true story. It's a made-up story designed to provide entertainment and maybe offer some themes or lessons, but it has no roots in actual events or people's lives.