Below is my flow and I've also included a screen shot as to how the events (I ran two tests one not using location and the other using location for the event) look on my Calendar and on the IT Shared Calendar (the "required attendee").
My colleague, who receives the invitation for the IT Shared Calendar, shared that the meeting invitation email does show the correct Subject/Event name. However, the issue shows up when the invitation to the shared calendar is accepted.
For now, we will use the "location" as a workaround, even though it's a bit rough.
However, if there is a fix to getting this to work, I would be very grateful. Thank you.
Note: The top event in Calendar (on the left) is the bottom event in the IT Shared Calendar (no location was used)
The bottom event in Calendar (on the left) is the top event in the IT Shared Calendar (used a location in the event creation in Flow)