This is exactly what we're working on at the moment! (If you're curious about following along progress, check out feature/distributed_tracing branch -- https://github.com/lastmile-ai/mcp-agent/tree/feature/distri...)

The nice thing about representing agents as MCP servers is we can leverage distributed tracing via OTEL to log multi-agent chains. Within the agent application, mcp-agent tracing follows the LLM semantic conventions from OpenTelemetry (https://opentelemetry.io/docs/specs/semconv/gen-ai/). For any MCP server that the agent uses, we propagate the trace context along.