I agree that misuse of the term is a concern, but it's of far lesser concern than of people's lives being ruined (often without justification) by mobs.

Cancel culture is a real thing. It's a new thing enabled by the structure of the systems we've only just created. I think a label is justified (even if this one kind of sucks). And of course concept creep will find this label weaponized almost as soon as it's been created.

That's kind of the era we live in: bad faith abuse of language by the extremists on all sides.