The final outcome in Grafana looks like is covering most of Microsoft Application Insights features! Having self hosted alternative to a cloud service is a great boon for to the on premise projects that need observability but cannot use public cloud
That's definitely our goal: to offer a solution that is very easy to self-host that covers most of the features APM products provide within Grafana so you don't have to go back and forth between different tools. And a key advantage is that you can customize the experience and extend it in any way you want because it's made of editable Grafana dashboards populated with data from SQL queries.