Just because society thinks that a phenomenon is real, doesn't make it real. See: flat earthers, other types of conspiracy circles, organized religion.
I'm not saying that 'cancel culture' is something else, because it isn't anything at all. What people refer to when they say 'cancel culture' is the normal functioning of society and/or the market in response to events, just in response to events they don't have a problem with. Then they paint it as a 'woke conspiracy' to silence free speech.
If someone loses their job for harassment or espousing problematic views, that's a workplace doing its job.
If a popular figure loses fans or affiliations because of their past actions, that's public opinion at work.
If a company chooses not to publish a book, or a group of people boycott a brand, that's just the free market at work.
The only instances I see where certain people cry 'cancel culture, boooo' is when someone faces consequences for doing something the overall public finds shitty (like being openly racist or a sexual abuser), but the group crying 'cancel culture' does not particularly care. You don't see the same people complaining that Kaepernick was 'cancelled'. He similarly faced consequences for what he did, but no such outcry. I wonder why, maybe perhaps because it is just one of many alt-right forms of newspeak used to manipulate its followers and stir up fearmongering, hatred, and division? No, that would be far too logical. Ditto for 'wokeism'.