Checked from https://search.ci.openshift.org/?search=oc+observe+works+as+expected&maxAge=48h&context=1&type=junit&name=4.7&maxMatches=5&maxBytes=20971520&groupBy=job, the failure rate is low . will move to verified status.
Since the problem described in this bug report should be resolved in a recent advisory, it has been closed with a resolution of ERRATA. For information on the advisory (Moderate: OpenShift Container Platform 4.7.4 security update), and where to find the updated files, follow the link below. If the solution does not work for you, open a new bug report. https://access.redhat.com/errata/RHSA-2021:0957