It is my interpretation on seeing people (who I don't necessarily agree with) being silenced. I see from the other comments that there is no consensus on the term "cancel culture" itself so that certainly doesn't help the conversation.
I dislike the notion of a mob and public shaming. Regardless of the individual receiving the attention. And I am appalled by the current direction of legal censorship in our democracies.
Hate will not go away by outlawing hateful speech. Racism will not go away by outlawing racist speech. Freedom of speech is, and must be, absolute.
You possibility to get a job should not be determined by the way you look and your sexual preference. It also shouldn't be determined by corporations fearful of reprisals caused by a momentarily stir on social media.
My attention is not an the individual being discriminated but on the downwards slope of categorizing, in ever smaller groups, based on skin color or similar.
I am an individual. You are an individual. I demand to be seen as one and I demand to see you as one.