Think online courses, bootcamps, or private commmunities.
Google calendar is great for 1-on-1 and small groups, but when you're managing hundreds of zoom events for a number of different subgroups within a larger community, it's a nightmare.
I only started getting no-shows and late cancellations under control once I started kicking people out for doing more than X no-shows. Also, it really helps to take money for reserving a spot, contrary to your assertion.
For me, especially with pandemic restrictions, managing no-shows is a very important feature.
All the streaming / event platforms I use charge based on actual viewers and attendees or active users on the platform. If I had a limit of 100 live, I could literally have 1000 people registered with 900 no-shows and that wouldn't be any issue. The no-shows are not taking anything away from the shows.
The only reason to manage no-shows is to manage active engagement. And that's more of a community building thing than a platform thing.
Virtually, from what I can tell, is managing Zoom events, which are entirely online events, so live in-person attendee limits don't seem to be a factor here.
Or is it for external events? In which case, what is the importance about late attendees. No-shows is to be expected, especially for free events (And even paid events have a substantial no-show rate).
I'm confused as to who the intended customer audience is meant to be.