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If you start hosted-engine --deploy in a terminal, you can stop it by hitting ctrl-c. If you start it from cockpit UI there's no way to abort the setup once started.
Test version: rhev-hypervisor7-ng-4.0-20160609.0.x86_64 cockpit-ovirt-dashboard-0.10.4-0.0.1.el7ev.noarch Test steps: 1. Install rhev-hypervisor7-ng-4.0-20160609.0.x86_64 2. Start Hosted engine setup through cockpit 3. Cancel setup through cockpit Test result: 1. Hosted engine setup can be stopped. So this issue is fixed now.
oVirt 4.0.0 has been released, closing current release.