Change WooCommerce product type programmatically

/**
 * Changes product type.
 *
 * @see https://wpcodebook.com/woocommerce-change-product-type-programmatically/
 * @see https://developer.wordpress.org/reference/functions/wp_set_object_terms/
 * @see https://github.com/woocommerce/woocommerce/blob/8.1.0/plugins/woocommerce/includes/data-stores/class-wc-product-data-store-cpt.php#L1727
 * @see https://github.com/woocommerce/woocommerce/blob/8.1.0/plugins/woocommerce/includes/data-stores/class-wc-product-data-store-cpt.php#L853
 * @see https://github.com/woocommerce/woocommerce/blob/8.1.0/plugins/woocommerce/includes/class-wc-post-data.php#L137
 *
 * @param string $new_type Product type to change to, e.g., `variable`, `simple`, etc.
 */
function wpcodebook_update_product_type( $product, $new_type ) {

	$old_type   = $product->get_type();
	$product_id = $product->get_id();

	wp_set_object_terms( $product_id, $new_type, 'product_type' );

	$cache_key    = WC_Cache_Helper::get_cache_prefix( 'product_' . $product_id ) . '_type_' . $product_id;
	$product_type = wp_cache_set( $cache_key, $new_type, 'products' );

	if ( $old_type !== $new_type ) {
		do_action( 'woocommerce_product_type_changed', $product, $old_type, $new_type );
	}

}