Ancelotti's future is again in major doubt after Real's elimination from the Champions League at the quarterfinal stage.
Figo, speaking at the Laureus Awards in Madrid, said: "This is a question for Florentino Pérez, but honestly... I've been in football for many years and I know how short memory is, only the most recent results count.
"Maybe it's a question linked to the fact that we're talking about Real Madrid, but it seems really strange to me that a coach like Ancelotti is being questioned.
"I was struck by the fact that, immediately after a Champions League match, the only question in the press conference was about his future.
"He's won everything, he shows his value every year... You can't always win in football, that's why this situation surprised me a lot."
Asked about home fans booing Kylian Mbappe during the weekend win against Celta Vigo, Figo says the France striker shouldn't be concerned.
He added, “I didn’t see the episode, but the Madrid crowd booed everyone, including me when I was playing badly. It’s normal.”