Business Calender has introduced a possibility to cancel events. Unfortunately it is implemented via a text in the event-description "BC2-Status: Cancelled".
In my point of view it would be better to use the status-field, which is decribed in the ics-standard. The information about cancelling an event could be shared with other programs such show calendars as thunderbird or nextcloud.
The present solution does only work locally with BC2, events cancelled by othe caldav-clients are not proper displayed.

Please support the event status (tentative, confirmed, cancelled).

This standard feature is part of the iCalendar Core specification as per RFC 5545 3.8.1.11 (Status). Some applications such as Thunderbird Lightning and Apple iOS calender app already show the status of events. Unfortunately, it seems there is no support by Android calendar apps. Please let me know in case there is one. So, I'm wondering about this fact since the element is supported by the Google calendar API as well sync tools such as DAVx5.

Implementation of status by BC would be a stand-alone feature and USP!
BC might show tentative events in italics, cancelled events as strike-through text and confirmed ones as normal text.

Many uservoice suggestions already address this or related issues counting overall more than 60 voices (April 2020):
04 6107268-tentative-appointments
33 13836738-i-would-like-to-see-tentative-free-and-out-of-off
13 32776711-differentiate-tentative-appointments
03 35955331-manuelle-zusage
07 36519961-participation-status
01 39617575-status-ändern-können-bzw-nicht-als-vorläufig-im

Abgesagte Termine werden nicht speziell dargestellt. Deshalb schlagr ich vor, abgesagte Termine durchgestrichen und mit einer hellern/transparenteren Farbe darzustellen. So wie es z.B. im Thunderbird- oder Nextcloud Kalender gemacht wird.

Canceled events are not displayed specifically. Therefore I suggest to display cancelled events crossed out and with a lighter/transparent color. Like it is done in the Thunderbird or Nextcloud calendar.