I feel like that's more of a corpo relations phrase, cancel culture is more personal. Like that voting with your wallet was supposed to influence the behavior of corps, not individuals.

I think a good older example of cancel culture were the American red scares, especially the McCarthy trials. Although an extreme example of it, they were 'cancelling' people who's views they considered dangerous. People disliked by others would often be called a Communist and socially / economically harmed tremendously, regardless if they were actually a Communist. If you got to a McCarthy trial, you were doomed; that guy was cancelling with the power of the state, afaik knowledgeable to the fact many of the accusations were false