Hello @Charles Smith
Components can be used in lot of ways and most of the times I have seen teams misusing them. Generally, components represent modules of the project which can be used to categorize the backlog being created by the Product Owner. You can have "functional" modules of the project being represented by components. Like API gateways,, Payment engine, Merchant integration etc
You can also use components for representing various layers in your tech stack, i.e. DB, UI, API, etc to categorize work. Components are definitely not team names which lot of times you will see happening with project leads naming components after team names.
Or if you team works on developing SDKs for various clients then the components can be named after like Java SDK,, Ruby SDK, Python SDK etc
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