Suppose you have a resolution of the identity $\hat{\mathbb{1}}=\sum_i\hat{p_i}$ (pairwise othogonal), and construct two (non-degenerate) pvm observables, $\hat{B}=\sum_ib_i\hat{p_i}$ and $\hat{C}=\sum_ic_i\hat{p_i}$, both using that same $\hat{p_i}$ resolution, but with $b_i\not=c_i$ (at least not all of them). However, all $b_i,c_i$ have the same kind of units, e.g., length or mass, etc.
Now, if there's some (dimensionless) constant, $k$, such that $c_i=kb_i$, then I think we can clearly interpret $\hat B$ as an observable measured in, say, meters, and interpret $\hat C$ as an observable measuring exactly the same physical quantity in, say, cm.
But now suppose there's no relation between the $b_i,c_i$'s. Mathematically, they're both still canonical observables. But what are they measuring that can be interpreted as physically different? As I understand (or maybe misunderstand?) it, it's the $\hat{p_i}$ resolution of the identity that's the physically significant/interpretable part of the mathematical model. The $b_i,c_i$ eigenvalues are pretty much just labels that tell you which $\hat{p_i}$ subspace contains the state of the system after measurement. In other words, if you have some measuring apparatus for your observable, with a needle that points to the measurement outcome, you just label each possible needle position with a corresponding eigenvalue. So in what way are our $\hat B, \hat C$ observables physically different?