I've come across this a couple of times, and I don't recall finding a solution on this forum.
So, here is the solution for VPP apps that somehow fail to install, and end up in the activity log as Cancelled, even after multiple attempts at re-installing (VPP licenses always seem to be granted without fail.)
It seems to happen mostly with tvOS applications that have an iOS version. The solution is to delete the app from SM>Apps (this may require deleting both versions of the app.)
Import the app via the Import button (this may require re-syncing VPP.)
And re-deploy the app as per usual.
An example image of before and after below.