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Is your feature request related to a problem? Please describe.
We should formalize the notion of component status, so that the state/health of each component in the collector may be understood independently.
Describe the solution you'd like
#6560 is a good starting point.
Beyond establishing a system for publishing and subscribing to component status, we should enumerate the possible states and define a finite state diagram that governs when components transition from one state to another.
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