Unlike addresses displayed in contacts’ details, locations added to calendar events cannot be tapped to display a map of the location.
The current event details screen:
Slightly tweaked to indicate the location is actionable:
Location field input is not structured, so Calendar would simply pass whatever text it contains to Maps as the search string. Some heuristics around the text would be nice; if I typed “Joe’s house” in the Location field and one of the attendees is a contact named Joe Smith, the input string could be replaced by Joe’s home address.