Just the simple fact that they will not allow trans athletes into the country (threatening them with "fraud", which is quite serious) is enough to officially cancel the Olympics there. The International Olympic Committee (IOC) states that "they will not discriminate against athletes based on gender identity or sex characteristics, provided they have qualified through their International Federation (IF)." IOC needs to stand by their commitments.
That's just the tip of the iceberg though, with all the discrimination against the People of Color populating an International event like the Olympics, and the United States' treatment of them domestically, as well as their stance on war and genocide against them abroad.