[Medium] Refactor API endpoint for Telemetry & Observability

[keepsloading]

Implementation issue mapping to the Telemetry & Observability epic for the Memory repository.

[keepsloading]

Friendly reminder for SSoC26 contributors: When you submit a Pull Request for this issue, please remember to also raise a dummy PR in the Memact/Context repository that references your original PR. This is required for your contribution to be considered for points on the SSoC leaderboard!

[shantanushok]

I would like to work on this issue ..