Cancel culture absolutely does exist. We've all witnessed the left actively and aggressively pursue people who had transgressions, both big and small. But regardless of Matt's, I don't see that happening here.
Prior to this, he complained outwardly about the lack of opportunities for touring. I think the reality here, is that people just don't find him or his music lasting, or even relevant.
He may issue an apology, feigned or otherwise. Agree to go to counselling to save what's left of his career. And from that point, things will likely go back to normal (or some state of normalcy), as they almost always do, with the majority of his remaining fanbase, unaware or unconcerned with what he did or said in the past.