This is an economic decision cloaked in the trappings of current events. The producers of HoC think they just found a  cheap way to get out of a series they wanted to cancel in any event. Spare me the crocodile tears from the producers. They're pretending to be lily-white, but if we "turned over their rocks" I'm sure we'd find equally, or more, offensive revelations.
Other than the 32 year old recollections of someone who may have also been under the influence of hallucinogens at the time 32 years ago, there is no story here. Spacey doesn't admit to anything, he does says that he's now coming out as gay. I'm sure no one in Hollywood is shocked over that.
Right now, all of this is starting to sound like selective hysteria and headline grabbing.
Perhaps there should be a requirement for anyone who wants to tell 30 year old news, to also reveal the names of anyone else who may have been inappropriate with them in that timeframe? If you remember one, you must remember them all.