Related events block
Taxonomy terms are still entity reference fields, just like the field you have connecting your events and venue nodes. So there is no need to duplicate the same functionality. 

You can list the Events referencing the Venue with a Views Block: 


Create Content Views with Block display listing Events 
Add a Contextual filter for the field_hosted_by field and configure it:
When the filter value is NOT available
Provide default value
Content ID from URL
When the filter value IS available or a default is provided
Specify validation criteria
Content
Venue  
Save the Views and place the Block in a region of your choice to be displayed on Venue pages 


You cant test the views output by entering the node ID of a venue node into Preview field, before placing the Block to test it's working.