On what level do You want to be as a product owner?
This article describes 5 levels of maturity as a product owner.
Then I guess it is up to you (OP) what you are happy with coming from the described situation.
I was in a similar position and while being an Agile evangelist, I didn't see any way out in the given situation. So I'll list the issues you have to solve in order to enable your PO to stop with it.
You are missing a technical lead
While the PO's behavior is making it harder to take technical ownership, he isn't involved full-time in your technical solution....
I would recommend getting the team together to discuss roles and responsibilities.
They might list the pros and cons of having somebody in the Product Owner role who has a technical input to the work and also has authority over team members.
Ideally, try and think of a way to track if the behaviour is problematic or beneficial. Perhaps a frequent check-up in ...
This is a problem with a simple solution which unfortunately is hard to implement.
It's simple because the PO just needs to change his style from hand holding or making decisions for the team, or being prescriptive, to someone that acts more like a coach and mostly focuses on asks "the right questions" so that people figure out things by themselves....
The fact that you say this person "opted in" to the PO role seems like it may be part of the problem. Usually POs do not choose themselves. A PO is usually expected to be a business manager, not a developer or IT management professional. A PO is someone who has responsibility for some business area or product, can make and implement decisions about ...
You can introduce the practice (agreement) that the junior devs go to their more experienced colleagues in the team first.
Either do this reactively (the juniors have questions) or proactively (a senior sits with a junior beforehand/at appointed moments).
I think the timing is important.
During the daily scrum, he needs to focus on the "what".
During the rest of the day, if he feels his experience (to juniors) is valuable, then there's no reason to stop him from dispensing valuable advice.
But he cannot pollute the daily.
Once he has to "walk around" to dispense his advise individually, he ...
After thinking about this some more, I would say simply: "The answer is no."
The PO is the liaison between the business and the team, representing the business's perspective on what is going on (as an "input" to the team), as well as communicating status to the business (as an "output"). And that needs to be their full-time ...
Suppose the development team are developing a product for themselves. The PO could easily be in the team. That might not fit the precise definition of Scrum team, but then Agile doesn't say you have to use Scrum. Self-organising teams - so organise in whatever way works.
How can we know what profits and losses are associated with this feature? How do we know how much this feature contributes to the revenue of the whole product?
This can be a challenge, but it is possible.
One approach I have seen taken is to do A-B testing with feature changes. The idea being to see what the impact on a business metric is of a feature ...
This is fuzzy because any argument you could make about a particular feature you could make about a whole product. With rare exceptions, Profit and Loss for one product is at least influenced by the success or failure of other products and the company as a whole.
Working with correlation is a large part of understanding P&L. The best way I could ...
I don't have experience of any situation where you could evaluate P&L on a feature-by-feature basis. I expect it depends on the nature of the product and features but if there are costs that are product-wide it seems unlikely that you could calculate a true P&L in the accounting sense for a given feature. ROI for creating or marketing a new feature ...