Bugs shows pure, unprovoked malice in this. It’s 1941 after all, and the character was still evolving. At this point he isn’t yet, isn’t consistently the charmer who is only semi or occasionally a scoundrel. He minds his own business, in fact, unless someone disrespects him, or tries to impose his will upon him. (Hey! Bugs is John Wayne!) Then, extreme prejudice, though always genially, and occasionally in women’s clothing.
As mentioned, that hasn’t developed yet. Rather, Bugs just tortures Elmer (in a particularly interesting physical iteration). “I do this kind of stuff to him all through the picture.” There are some very good gags here (the bear, the final departure). But by the end, for me at least, it’s gets to be pretty unappealing.