Yes these things happen, humans are judgmental and leery of being associated with people who are undesirable in the eyes their peer group and the specific biases of that group - so it isn't always fair. That is life and has always been true.
However, the term "canceled" itself is more typically about a specific and recent set of peers and biases - people on the right who are angry that people on the left are telling them to stop using the f-g or n-word, etc or angry that guys are getting outed for doing exactly the rape-y crap they themselves did and normalized and probably celebrated when they were in college.
Now, I honestly don't know if Louis CK should have had his career ended because he was pervy (pulled his junk out a lot, right? I get these stories confused), but that is more a function of social media being a huge, new megaphone for ostracizing people, not that the left is on some spectacular cancel rampage as it is normally characterized. We do need to grapple with how to deal with this new megaphone, I agree.
However, again, mostly this angst is not about a genuine desire to be good citizens and calling out dangerous corner cases. If it were, we'd be having a very different and much more constructive conversation. Most of this angst is really about the right wanting to keep being the right and going back to good old days, defensively dismissing the way the good old days were actually pretty terrible for a lot of people and we've learned a lot about how to be better humans. Of course there are cherry picked examples (in a population of 7B you can probably found thousands). But those examples don't change the underlying dynamics and motivations of what is going on here on average*.