This sounds like a privacy nightmare as described if there aren't guardrails. 'Dump everything'

Can pretty easily achieve this with structured logging in GCP with their metrics explorer. Pretty cheaply I might add. Sentry can also do a bit of this if you're on something like fly.io (they offer a year free).

I don't think either would completely replace tracing in a complex system for me. At least not in the context Ive worked.