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The left spent the better part of a decade gleefully advocating for, often successfully, the debanking of those they disagreed with politically and socially. It was gong to rebound on them one day.
I don't think that you're necessarily wrong but I tend to doubt it. Who exactly has advocated for that? What is commonly referred to as "the left" is in fact an extremely fractured set of subgroups and political nuances. So perhaps it's more of a case of "some people"?
It's worse than that, its "Some people I disagree with" on the part of OP.
Covered here:

https://thenationalpulse.com/2026/07/01/far-left-british-pub...

Includes key 2020 quote from Canary about the "myth" of cancel culture:

“As much as people on the right whine about how they’re somehow being ‘persecuted’ or ‘silenced’ by ‘political correctness’, it [cancel culture] is simply not in any respect a threat to freedom of speech. The concept of freedom of speech is about preventing the government from interfering in what can be published and put into the public sphere… it’s high time that we call out the purveyors of the empty ‘cancel culture’ narrative for the dishonest and self-interested hypocrites that they are,”

https://www.thecanary.co/editorial/2020/07/17/cancel-culture...