Not a penalty for me. VAR didn't overturn because it wasn't a clear and obvious error. Generally speaking, when the ref awards a penalty, he/she has to consider how close they are to the goal, how many defenders are there, direction of the play and, most importantly, the likelihood of keeping or gaining control of the ball. In any of those respects, Fraser wouldn't get the nod. Yes, Ederson took him out. But Fraser wasn't getting the ball, Cancelo had control. No penalty in my opinion.
What is really absurd is the Liverpool boards raging that had the penalty been given - it would have changed the match. Eh - no. It wouldn't have.