WIP: UPSTREAM: <carry>: feat(backend): Upgrade argo to v3.4.16

[gmfrasca]

Description of your changes:
Upstream Carried Patch of kubeflow#10568

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[openshift-ci]

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[gregsheremeta]

are we making changes to what is in the upstream pipelines repo? If not, then it should not be labeled as a carry, and we replace the word "carry" with the pipelines PR number.

Ref: https://github.com/openshift/kubernetes/blob/master/REBASE.openshift.md#picking-commits-from-the-previous-rebase-branch-to-the-new-branch

so:

WIP: UPSTREAM: 10568: feat(backend): Upgrade argo to v3.4.16

per the doc

A commit with this message should only be picked into the subsequent rebase branch if the commits of the referenced PR are not included in the upstream branch.

cc @HumairAK who was wondering if we're using the labels correctly

[openshift-merge-robot]

PR needs rebase.

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