The most puzzling aspect of the whole hullabaloo about "cancel culture" is that, as it's normally defined (or suggested to be defined) by those who decry it, it's an awful lot of wailing and gnashing of teeth over something that nothing can be done about. Even if one agrees that cancel culture "is a thing", and even concedes that it is a specifically bad thing, in the end, it's still just speech.
As an individual, I am free to listen to someone speak and say "that is the stupidest and most reprehensible thing I've ever heard and I never want anything to do with this individual or those who willingly associate with them, to include employers", Maybe that is an unduly harsh opinion, or an overreaction; maybe someone would call never visiting the Burger King or hardware store that person happens to work at a disproportionate response to their personal opinion about gay marriage or whatever. Maybe my opinion is based on being a complete misreading of his comment or my own being misinformed about the topic in general. But ultimately, none of that actually matters; it's my statement to make and I'm free to make it, whether you feel it's justified or not. Both saying the statement publicly and carrying out the act described (i.e, not going to that store anymore) are protected acts of speech.
"Cancel culture" seems to be the thing that happens after I make my statement if enough people end up agreeing with me that all of our individual acts of speech in the aggregate create a market force that compels business decisions which end up negatively impacting the person I'm unhappy with. Okay, well that's definitely bad for that person...so, what? It's an unpreventable consequence of free speech.
Certainly you can't just make it illegal for me to say I don't want to patronize a business as long as a certain person works there, however you personally feel about that statement. And if you can't make it illegal for me to say it, neither can you make it illegal for anyone to agree with me and say so. So stopping or preventing "cancel culture" on the speech side is a non-starter.
So...regulation, then? Make it illegal to base business decisions on public opinion? That doesn't seem very likely does it; some entire sectors of industry's business models revolve around public opinion and reacting to it. Try to drill down maybe - make it illegal specifically to fire or demote an individual based on public opinion? Now service sector businesses are stuck with rude, incompetent, or poorly-performing employees, that employers can only know about due to customer complaints.
And that's just getting into cases of "cancel culture" where an individual is actually fired from, say, a job. How are you supposed to prevent a small business from going under because the business owner has been "cancelled"? How are you supposed to prevent a situation where nobody invites a "cancelled" person to participate or contribute to events? How are you supposed to prevent an internet "influencer" from failing at making an internet-based living because no sponsors want to pay for ads on their channel(s)?
It's a lot of hand-wringing over something about which, in the practical sense, nothing can really be done.