It’s just a repeat of what happened with the term “politically correct” ~35 years ago. It started as a acknowledgement to fellow progressives that something they said/did/liked wasn’t entirely in tune with their progressive beliefs (e.g., “I know it’s not politically correct, but I actually like Ted Nugent’s music.”) and somehow got co-opted by the right to describe any tolerant, inclusive attitude and claim that the left were branding them as “incorrect” for having different opinions.
Cancelling and cancel culture are similar. It started out to describe a few people being completely ostracized for despicable behavior that should have been checked long ago like Harvey Weinstein and Kevin Spacey…oh, and Ted Nugent with his teenaged girls! Now the right complains of being cancelled when someone rightfully calls them out for some racist, sexist or otherwise intolerant and offensive behavior.