Overlay a O365 Group Calendar in Sharepoint calendar

I think what MS is trying to get people to do with team calendars is to use the O365 Groups Calendar (in Outlook). The overlay feature would require development on the legacy SharePoint Calendar list and it seems that MS isn't further developing the old SP Calendar.

There is a new web part to display Group Calendar events onto a Modern SharePoint page. So that is an indication of the future direction.