COO can not be upgraded from 0.3.2 to 0.4.0. I think the olm.skipRange is not correct. It should be  "olm.skipRange": "\u003e=0.3.2 \u003c0.4.0" or  "olm.skipRange": "\u003e=0.2.0 \u003c0.4.0" 

oc get packagemanifest cluster-observability-operator -o json |grep skip
                        "olm.skipRange": "\u003e=0.4.0 \u003c0.4.0",

Step to reproduce:

1. Deploy COO 0.3.2
2. update index image to 0.4.0. for example: registry-proxy.engineering.redhat.com/rh-osbs/iib:800762

Expected result

COO is updated to 0.4.0 automatically.

Actual result

COO can be upgraded. we have to delete COO 0.3.2 and install 0.4.0.