Cancel culture endangers democracy and freedom of expression
Democracy mediates different groups of people with differing viewpoints. Cancel culture upsets that balance, rejecting diversity of opinion and keeping one viewpoint in power.
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The Argument
Democracy is built on freedom of expression. In any democratic society, giving space to multiple perspectives underpins the health of the state. It is the mediation of these perspectives through dialogue and other societal and governmental devices that forms the foundation of a democratic society. It is no surprise, then, that this formulation is threatened by the effects of cancel culture.
Cancel culture is the refusal to acknowledge contrary views, and - more damningly - the assumption that being accused is equal to deserving blame. The movement's growth represents a shift away from democracy and establishes a witch-hunting culture, whereby unpopular opinion is banished. This puts societies on the road to ideological authoritarianism. It is the same genre of control that Stalinist Russia used to turn government critics into "unpersons".
Disagreement, and objection to others' views, is not in itself a bad thing. In fact, it forms the basis of a healthy democracy. But when disagreement becomes a crime, democracy dies. Unfortunately, this is the trend caused by cancel culture today.
Counter arguments
As mentioned elsewhere, cancel culture is not an oppressive force, but rather a means to fight that oppression. Cancel culture empowers the marginalized, and holds the people who don't respect them accountable. It is literally anti-oppression; it is about as far from white or supremacist as one can get. Most importantly, it is driven by the people, not the government; there need be no fear of, say, the White House suddenly using cancel culture in a tyrannical way.