This blogpost from Spring Team will help to set it up: https://spring.io/blog/2022/10/12/observability-with-spring-boot-3
Also, I have come up with a sample Spring Boot 3 + Micrometer project here – https://github.com/kishorek/java/tree/main/spring-observability-demo.
I am using Zipkin Brave as distributed tracing implementation. I have created a python service consumed by the Spring boot service. Please refer to the README.