Cannot compile /instrumentation whilst using babel since 14.2

### Link to the code that reproduces this issue https://github.com/Joezo/nextjs-instrumentation-babel-bug ### To Reproduce 1. create a new nextjs app using create-next-app (`npx create-next-app -e reproduction-template-pages`) 2. `npm install @vercel/otel` 3. add a `.babelrc` file containing just `next/babel` preset ```json { "env": { "development": { "presets": ["next/babel"] } } } ``` 5. enable the `instrumentationHook` experiment in next.config 6. create an `instrumentation.ts` file that contains ```ts import { registerOtel } from '@vercel/otel' export function register() { registerOTel({ serviceName: "next-app" }) } ``` 7. run `npm run dev` ### Current vs. Expected behavior Current behaviour: ``` ➜ npm run dev > dev > next dev ▲ Next.js 14.3.0-canary.37 - Local: http://localhost:3000 - Experiments (use with caution): · instrumentationHook ✓ Starting... Disabled SWC as replacement for Babel because of custom Babel configuration ".babelrc" https://nextjs.org/docs/messages/swc-disabled Using external babel configuration from REDACTED/babel-otel-bug/.babelrc ○ Compiling /instrumentation ... ✓ Compiled /instrumentation in 1915ms (83 modules) TypeError: An error occurred while loading instrumentation hook: (0 , _vercel_otel__WEBPACK_IMPORTED_MODULE_0__.registerOTel) is not a function at Module.register (webpack-internal:///(instrument)/./instrumentation.ts:8:63) ``` Behaviour on next 14.1 ``` ➜ npm run dev > dev > next dev ▲ Next.js 14.1.4 - Local: http://localhost:3000 - Experiments (use at your own risk): · instrumentationHook Disabled SWC as replacement for Babel because of custom Babel configuration ".babelrc" https://nextjs.org/docs/messages/swc-disabled Using external babel configuration from REDACTED/babel-otel-bug/.babelrc ✓ Compiled /instrumentation in 448ms (84 modules) ✓ Ready in 2.5s ``` ### Provide environment informat…