Conditional Formatting to New Outlook Calendar

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You can also Vote for and Comment on these existing Feature Request if they meet your requirements.
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Add background color for calendar appointments based on conditional formatting
https://feedbackportal.microsoft.com/feedback/idea/074cfa2d-d58c-f011-8151-7c1e529deacc

Conditional Formatting for Events
https://feedbackportal.microsoft.com/feedback/idea/98e4ed1a-4f92-f011-aa44-6045bd7f402a

No conditional formatting in Calendar? Amazing
https://feedbackportal.microsoft.com/feedback/idea/3137453c-42cf-f011-ad8f-7c1e52f38cbc

Or add a new request
https://feedbackportal.microsoft.com/feedback/post
(Please put a link to your new Request here, so the rest of us can vote for it)