At BigCo we have migrated a number of internal things to Otel but I don’t think it has been worth the effort.
So many projects come with prometheus metrics, dashboards, and alerts out of the box that it becomes hard to use anything else. When I pick some random helm chart to install you can almost guarantee that is comes with prometheus integrations.
With grafana mimir you can now scale easily to a few billion metrics streams so a lot of the issues with the old model of prometheus have been fixed.
Like you said I don’t think there is much to innovate on in this area, which is a good thing.