Conflict checking across multiple calendars. Connect a work calendar and a personal one, and Calendly blocks a slot if either shows a conflict, even though bookings only ever get written to your chosen default calendar.
One default calendar per event type. Different event types can write to different calendars, useful if, say, sales calls and internal 1:1s should land on separate calendars, but each event type still only writes to one.
Only three calendar providers. Google, Outlook/Office 365, and iCloud cover a lot of individual users, but a business running its scheduling through a practice-management system, a field-service dispatch board, or a shared resource-booking tool that isn't one of those three has nothing native to connect to.
No merging, just checking and writing. Calendly never combines your calendars into one shared view anywhere outside its own interface. It just reads from what you've connected and writes bookings to one spot.