chore: bump otelcontribcol to 0.127.0

[tiffanny29631]

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[gemini-code-assist]

Summary of Changes

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This pull request performs a routine maintenance update by bumping the version of the otelcontribcol component. This ensures that the project utilizes the latest iteration of this dependency, which may include important bug fixes, performance enhancements, or new features from the updated version.

Highlights

• Dependency Update: The otelcontribcol dependency version has been bumped from v0.119.0-gke.3 to v0.127.0-gke.1.

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[gemini-code-assist]

Code Review

This pull request updates the otelcontribcol version. This is a major version bump that introduces breaking changes in the OpenTelemetry collector configuration. The current configuration will cause the otel-collector to fail. I've added a critical review comment outlining the required changes in other files to make the collector compatible with the new version and to ensure tests pass.

[Camila-B]

/lgtm

[google-oss-prow]

[APPROVALNOTIFIER] This PR is APPROVED

This pull-request has been approved by: Camila-B

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• OWNERS [Camila-B]

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