The length of the cannon bone and also the length of the cannon bone in relation to the proportion of the animal is a good indication of early or late maturing animals. The longer the cannon bone the later maturing the animal, the shorter, the earlier maturing.
When I talk about maturity it isn't just sexual maturity, but more a case of carcass maturity although there is a direct correlation between the two traits. If your goal is grass finished beef look for a very short and flatter cannon bone, if you prefer taller later maturing animals to target the heavier carcass market look for a longer cannon bone.
The science behind this is as soon as the hormones reach a certain level it inhibits the long bone growth and effectively starts the process of closing the growth plates on the long bones (Doc Harris would be more qualified to explain this). As soon as the growth in length decreases the animal starts packing on meat and muscle faster. That is part of the reason for implants in feedlots, not so much to boost the growth in size, but rather to shorten the time the animal take to finish to the desired level.
I will look for a few pics of extremes and will come back and add the pics to illustrate it better.
Here is an extremely late maturing bull, looking at him here in show condition his carcass still doesn't look mature and don't even really looked finished. The argument here isn't really if he is the right type or not, but rather to illustrate the extreme in cannon bone length in a mature animal and what to expect in body type and maturity
This is an ultra late maturing calf, note the length of his cannon bone in relation to the rest of his body
This bull is towards the other extreme, he is ultra early maturing, his cannon bone is very short. He is being advertised as grass genetics.
This is an early maturing bullcalf, he is about 9 months old in this photo, cannon bone very short in relation to the rest of his body. Compare him to the calf posted above.
same bullcalf from behind, note the level of carcass maturity at his young age