How can I modify the "Paid" booking status label in WooCommerce Bookings

Using WooCommerce Bookings – I am trying to modify the booking status label which appears on customer-facing front-end views and in customer emails. When a reservation is booked, in the booking summary it displays a status label of “Paid”, but since I am using this to book free reservations I don’t want it to say “Paid” anywhere because that will confuse customers. I’m trying to get it to say “Booked” instead. Literally all I care about is the text that appears, I’m not trying to modify any status in the actual booking or order.

I would hide the element with CSS, but that same html element is used to display a “Cancelled” label if the customer cancel the booking, and I don’t want that hidden. Also hiding it in CSS would not prevent “Paid” from appearing in the customer booking confirmation emails.

In /order/booking-display.php I located this code where the status is being displayed:

echo esc_html( wc_bookings_get_status_label( $booking->get_status() ) );

I assume this is relevant, but I’m a designer & marketer, not a developer, so this is over my head. I have been searching everywhere for a way to do this, but can’t figure this out. Thanks in advance for your help!