Your first suggestion is escalation, and that’s a pretty good way of ensuring both bikes become useless as each person will just keep adding locks or refuse to remove the lock already present. Plus if the offender is particularly dickish, they can just remove their lock if OP puts a “retaliation” lock and claim to campus PD that OP was the one who locked a bike against theirs. This guy just wants his bike free.

The second suggestion is theft, no matter how you try to justify it. That’s also a pretty good way to make the situation worse.

Call/notify TAPS, let them do their thing, they’ll likely ask an officer to cut the lock for you. If you really want that feeling of justice, know that the offender basically wasted a decent lock and might even get some kind of citation if it’s registered under the offender.