That's because Jann Wenner was only removed a couple months ago, after decades of running Rolling Stone AND the Rock & Roll Hall of Fame AND being an insufferably prejudiced shitstain:
https://en.wikipedia.org/wiki/Rock_and_Roll_Hall_of_Fame#Criticism_and_controversy
Wenner was finally outed this year in regard to his attitude towards Black and female performers when he gave an interview about his book The Masters, which features seven old white guys. No women, no people of color. When these complete exclusions of non-white, non-male performers were pointed out by a NYT interviewer in what was supposed to have been a puff piece, Wenner doubled down. He spoke openly and in such a way that all the rumors about him having said these things privately for years were instantly vindicated.
It's worth reading (the shit about people of color and women are toward the end; look for the question starting with "History will speak. This is also a history-will-speak kind of question" and continue from there):
https://www.nytimes.com/2023/09/15/arts/jann-wenner-the-masters-interview.html
Archive link: https://archive.is/WrF3o
Yeah. Turns out this wasn't a dinner party and he wasn't among close friends. He wasn't running the RRHoF for much longer after that:
TL;DR: Cher is 100%, and probably more than anyone outside the music business knows.