It's a frequent problem to conflate organization/modularization with lifecycle/version management.
You can have a well-organized codebase just as easily in a monorepo.
That's a separate question from management the lifecycle of the code. (What is release and when? What tests are run? What process approves a change?)
with that in mind, is monorepo is a universally good approach or is more dependent on good behavior of team members than polyrepo?
Suppose for your projects you have a utility library `lib_a`, in a polyrepo situation, your projects will use it in probably different versions, which means you have coordination effort necessary to get everyone on the latest release. The monorepo would enable the developers of `lib_a` to get feedback from the downstream test suites directly on whether the changes they perform are breaking user code, so they can up front introduce their changes less intrusive. They can however also roll out security-relevant changes much more easily. The monorepo will make the projects more homogeneous, which facilitates integration and operations (there are exceptions of course).
Monorepo people ignore the learned lessons of those who came before us, and are trying to drag their teams back into a simpler time that, while nice, does not exist anymore. If you use any dependencies at all, you don't live in a monorepo world, and lying to yourself and your coworkers will only leave you confused and angry that your expectations are constantly not being met.
The solution isn't to split every single component into its own repo, but pretending like that's what anyone rational is proposing is not working with the best form of the argument. It's not always completely clear how to split up a growing codebase, but to claim that it's not usually worth splitting up is Wrong.
I feel terrible for anyone trying to run a company with open-source style independent repos. On a popular github project, you have MANY potential contributors that will tell you if a PR, or a release candidate break API compatibility, etc. There are thousands of hours in open source dedicated to fixing integration issues due to the (unavoidable) poly-repo situation.
Monorepos in companies are relatively simple. You need to dedicate some effort in your CI and CD infrastructure, but you'll win magnitudes by avoiding integration issues. Enough tooling is out there already to make it easy on you.
Monorepos' biggest problem in an org is the funding, as integration topics are often deprioritized by management, and "we spend 10k per year on monorepo engineering" for some reason is a tough sell for orgs, who seem to prefer to "spend 5k for each of the 5 teams so that they maintain their own CD ways and struggle integrating which incurrs another 20k that just is not explicitly labeled as such".
Developer team dynamics also play a role. I have observed the pattern now multiple times (N=3):
* Developers have a monolithic repo, that has accumulated a few odd corners over time. * The feeling builds up that this monolithic repo needs to be modularized. * It is split up into libraries (or microservices), this is kind of painful, but feels liberating at first (now finally John does not break my builds anymore) * Folks realize: John doesn't break my builds anymore, but now I need to wait for integration on the test system to learn if he broke my code, and sometimes I only learn it in production. * people start posting blog posts on monorepos
That pattern takes 2-3 years to play out, but I have seen it on every job I worked.