I’m not sure if it’s strictly defined. the way I see it used is to describe an (online) trend of “cancelling” somebody for something bad that they have done. the idea is that when somebody is cancelled, they should no longer be treated positively, for example losing their celebrity status.
was cancel culture a thing before social media (specifically twitter)? i imagine twitter provided a platform where conservative can publicly give a piece of their minds and also people can do the same to them which is a novelty because the public has traditionally been fenced away from celebrities.