Potentiometer like component

That's a rotary encoder - not a potentiometer. The encoder pulses are sent to the microcontroller which adjusts the volume of the system.

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Figure 1. 2-bit rotary encoder waveforms. The relative phase of the signals indicates clockwise/anti-clockwise rotation and can be used by the controller to count up or down.

Links:

  • How does a Rotary Encoder work without connecting it to 5V.
  • How do I get a position from an encoder?

It's a rotary encoder, rather than a potentiometer. It looks like this may be your part, but you may need to contact them to get a datasheet.