[chore] Prepare release v1.16.0/v0.110.0

[opentelemetrybot]

The following commands were run to prepare this release:

• make chlog-update VERSION=v1.16.0/v0.110.0
• make prepare-release PREVIOUS_VERSION=1[.]15[.]0 RELEASE_CANDIDATE=1.16.0 MODSET=stable
• make prepare-release PREVIOUS_VERSION=0[.]109[.]0 RELEASE_CANDIDATE=0.110.0 MODSET=beta

[codecov]

Codecov Report

All modified and coverable lines are covered by tests ✅

Project coverage is 91.42%. Comparing base (296e789) to head (dec7b3b).
Report is 1 commits behind head on main.

Additional details and impacted files

@@           Coverage Diff           @@
##             main   #11252   +/-   ##
=======================================
  Coverage   91.42%   91.42%           
=======================================
  Files         424      424           
  Lines       20187    20187           
=======================================
  Hits        18455    18455           
  Misses       1348     1348           
  Partials      384      384           

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