I had not faced this issue until just recently without any change on settings or installed applications. One week the calendar app was playing nicely with Exchange calendar events, the next week it wasn't. Although I don't know for sure, given that it was once working and is now not, possibly between the two states of working and not working I received a malformed invitation or an invitation which the calendar app could not handle correctly which messed with the way the calendar app handles Exchange events.
I do not have Outlook installed on my mac, and use the built-in Mac Calendar and Mail apps with my Exchange account.
Calendar invites were being sent to colleagues and clients repeatedly, even old ones which had had no changes made to them. I talked with a couple of frineds and colleagues and they have seen this behaviour too. This issue basically makes exchange calendar events unusable on a mac.
Since this was becoming extremely annoying for clients to deal with and created an unprofessional appearance, since there is no choice but to use Exchange calendar invites for work reasons, the only working solution I have found is to completely remove calendar use on my exchange account and use alternative devices for calendar management.