I'm personally a little confused as to why "Cancel Culture" is suddenly a big talking point when I've noticed it going on for something close to a decade at this point.

It's like people who decided Corona-Chan was only a problem when they actually noticed people getting sick.
Congrats fellas, you identified a problem. Of course, you identified it a long time after the potential to do something with it with the resources at hand, had already passed. But at least you're not completely brain dead.
A history lesson, if I may, since many people have the memory of a goldfish these days. I personally feel that what we know as "Cancel Culture" was created in the aftermath of the Global Financial Crisis of 2008.
Where, to (greatly!) simplify things, big banks had a critical failure of risk management due to a combination of rampant industry and government corruption and relying on technology and algorithms too much.

And ended up with writeoffs much bigger than their cash on hand.
And the backroom deal that ended up getting hammered out was that the banks would all get bailed out at taxpayer expense and none of these bankers would be hung from a lamppost or even spend a single day in jail and the bankers wouldn't blow the whistle on government corruption.
As you can imagine, this led to a lot of resentment from regular people who suddenly ended up with a bunch of losses from vampires in suits suddenly being put on their tab with zero consultation. So, something needed to be done to provide a release valve for this anger.
What ended up being used was a human sacrifice ritual which is now known as "cancel culture".

Every day, some new person would be found who had the misfortune of becoming the whipping boy for the anger and resentment of the entire public.
A pretext would be found to find some incident of outrage or offence, the likes of which happen routinely in any sufficiently large population, and pick that person as someone that absolutely everyone could just shit all over with absolutely zero repercussions.
As mentioned before, it is simply a modern twist on ancient rituals of human sacrifice to appease angry Gods. The only difference being that we regard our collective anger as being a God in need of appeasement, because we are that collectively narcissistic these days.
As evidenced by the lack of bankers, lawmakers and bureaucrats who have found themselves dead or injured at the hands of mob violence, it would appear that this human sacrifice ritual is effective at its intended purpose.
Of course, this isn't surprising given that if you look through modern life you'll see we've grown very effective at creating occult human sacrifice rituals and then dressing them up as some mere secular or ideological phenomenon.

Human sacrifice is extremely Lindy.
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