This looks like a useful value-add, but I'd hesitate to call it a replacement for Azure OpenAI. Governance and observability features of Azure OpenAI are really secondary to the stability and reliability guarantees of Azure owning and operating the model instead of OpenAI...
But aeguably, being OSS, you can integrate additional OSS that performs thebafromentiones tasks of Obserbability. Just more hacking things together, but in theory should be doable.