Personally, I don't think the context matters, i.e., one picture vs. a group of pictures, since nothing happened. This seems to another example of zero tolerance equating to zero common sense. These kids are being punished for a photo, admittedly a foolish one (but they're kids so what do you expect), that supposedly was a threat to an event that had already occurred when the picture was discovered. It would be like suspending a kindergartner for taking a picture of his chicken nugget/poptart/finger guns and bringing it in for show-and-tell.
I understand that these things need to be taken seriously, but sometimes people need to take a step back and take a breath before going apeshit over something that has proven to be harmless.