This is a feature that I was expecting to find in Canvas because I have used it in D2L Brightspace. A checklist is something that is added to a module and created by the instructor. Here's an article about it in D2L and here's a video tutorial.
The checklist would be interactive in that students could "check" the boxes of tasks that they've completed as they work through a module or project or course. Those selections are kept so when students return to that page minutes or weeks later, they can still see which items were checked and which weren't.
For example, I often would create weekly checklists that included a list of the assigned readings/videos as well as the assessments/activities for the week. They could come to the checklist as often as they wish to keep track in a quick summary view of what they had and hadn't done so far that week.
The data in terms of what was checked/unchecked was never integrated with the grading system. Checklists were strictly to help students stay organized.
The biggest reason for adding this feature is that it's helpful for students. It is also aligned with Universal Design for Learning in that it supports differences in executive functioning, project management skills, etc. It is especially beneficial for students with learning disabilities and/or processing disorders. For students who don't need or want this feature, it doesn't add any extra work or responsibility since it isn't graded in any way. A benefit to many and a harm to none.