monitoring is for understanding infrastructure; instrumentation + observability are for understanding your core business value.
it's how you make your code easy to understand and navigate, long after it's shipped and running in production.
observability is about "what's happening" from the perspective of your users. that's why everything is gathered up around the perspective of the request as it executes.
this is why everyone thinks they need so many infra metrics. it's all they've ever known. <3