I'm a co-maintainer of Spring Cloud Sleuth and Micrometer projects (together with Tommy Ludwig and Jonatan Ivanov).
Micrometer Observation is coming as part of the Micrometer 1.10 release and Micrometer Tracing is a new project. The idea of Micrometer Observation is that you instrument code once but you get multiple benefits out of it - e.g. you can get tracing, metrics, logging or whatever you see fit).
Since this project already supports Micrometer I was curious if there's interest in adding Micrometer Observation support so that automatically (when on classpath) except for metrics, spans could be created and tracing context propagation could happen too. In other words metrics and tracing of Camel itself could be created + if there are Micrometer Observation compatible projects, then they will join the whole graph (e.g. whole Spring Framework 6 is, Apache Dubbo, Resilience4j etc.).
If there's interest in adding that feature, I can provide a PR.