Cancelling is what happens to TV shows when they stop airing or being produced.

That was the meaning before “cancel culture” and was the intent of the parent.

I didn’t at all read it the way you did, maybe I’m older than you and I’ve seen more shows cancelled. (Firefly, for a famous enough example)

Have you missed the entire #MeToo movement? Because people were cheering themselves on for (justifiably) canceling Harvey Weinstein using that exact same word to refer to the actions taken against him.

Well, now you have.