I think cancel culture is a pretty serious and meaningful concept. 20 years ago I got drummed out of an organization I was a part of for saying I thought people should be allowed to argue that this organization didn't need race quotas.
Note I didn't say race quotas (i.e. hire minimum 50% non-white) were bad. I just said, there are people who oppose this idea, they should at least be permitted to air their views, a discussion is important.
I was drummed out for that. To me that's cancel culture in a nutshell. Suppression, censorship, purge anyone who opposes your idea but also anyone who even wants to discuss it critically (which is the only way to build genuine consensus).
Now 20 years on what I see when I interact with younger people is there are two camps. One of those camps has gone along with this and their rules for what constitutes acceptable speech are incredibly narrow. They are prone to nervous breakdown, social withdrawal, and anxiety if anyone within earshot goes outside of the guard rails for acceptable speech. Mind you what the First Amendment protects as legal speech is vastly, vastly vastly broader than what these people can handle. I worry for them because the inability to even hear certain things without freaking out is an impediment to living a happy life.
Meanwhile there is a second camp which has arisen, and they're basically straight up Nazis. There is a hard edge to some members of Gen Z that is like, straight up white supremacy, "the Austrian painter had a point," "repeal the 19th" and so on, non-ironically, to a degree that I have never before seen in my life.
If you don't see the link here and how this bifurcation of the public consciousness emerged then I think you're blind. It was created by cancel culture. Some of the canceled realized there was no way for them to participate in public discourse with any level of authenticity, and said fuck it, might as well go full Nazi. I mean I presume they didn't decide that consciously, but they formed their own filter bubble, and they radicalized.
We are likely to soon face a historically large problem with extreme right wing nationalism, racism and all these very troubling things, because moderate views were silenced over and over again, and more and more people were driven out of the common public discourse, into the welcoming arms of some really nasty people. It's coming. To anyone who thinks "cancel culture" is not a serious concern I really encourage them to rethink their views and contemplate how this phenomenon actually CREATED the radicalization (on both sides) that we are seeing today.