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Give a team the Manage incident types permission (and Manage incident lifecycles for lifecycles) on a team role, so it only applies to the incident types and lifecycles that team owns. Set an incident type’s owner in the Incident type owner field at Settings → Incident Types, and a lifecycle’s owner in the Lifecycle owner field at Settings → Respond → Lifecycle. Once owned, only the owning team, or anyone with the permission account-wide, can change it. These permissions are not in the Standard role, so a type or lifecycle with no owning team is managed only by people who hold the permission account-wide, exactly as today.
Your default lifecycle can’t be owned by a team: it applies to every incident, so changes to it always need the account-wide permission.
See Team roles for the full setup.

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FAQs

Reassigning ownership always requires the Manage incident types permission granted account-wide. A team can manage the configuration of a type they own, but they can’t hand it to another team or remove their own team from it.
Nothing changes for them. They can only be managed by people who hold the Manage incident types permission account-wide, the same as how every incident type behaves today.
Yes. You can assign multiple owning teams, and a member of any one of them (with the permission granted to that team) can manage the type.
Form overrides for a team-owned incident type follow that type’s owning teams, so only the owning team can override or edit them. Organization-wide forms that aren’t tied to a specific type still need the Manage incident types permission granted account-wide. See Incident forms.
Yes. Anyone who holds the permission account-wide can manage any incident type or lifecycle, regardless of which team owns it.