"Cancellation" is in practice something carried out by institutions against individuals, not by individuals against institutions. "Cancellation" describes an attempt to force somebody out of public life or out of a particular rea of public life, such a particular industry, which is a powerful only wielded by powerful institutions; how could a relatively anonymous private individual hope to "cancel" a powerful institution like a multinational corporation?
The framework of "cancel culture" is awkward and baggage-laden, but it does point towards the tremendous asymmetries of power between powerful institutions (both private and public) and individual citizens in contemporary society. That so many liberals refuse to acknowledge this asymmetry, and therefore align themselves implicitly with the institutions against the citizens, should be troubling.