Sometimes you have to ship a feature. Shipping that requires changing 3 parts of your app. A lot of times that _entire_ set of changes is less than 100 lines of code.
Having a full vision of what is being accomplished across your system in one go is very helpful for reviewing code! It justifies the need for changes, makes it easier to propose alternatives, and makes the go/no-go operation much more straightforward.
At a smaller scale, you often see the idea of splitting frontend and backend into separate repos. Of course you can ship an API and then ship the changes to the frontend. But for a lot of trivial stuff, just having both lets you actually see API usage in practice.
I think this is much more applicable for companies under 100 people though. When you get super large you're going to put into place a superstructure that will cause these splits anyways.
Most projects start out as monoliths (which is good) and splitting up on this axis is unfortunately very hard/costly.
Unfortunately it's hard for me to recommend Bazel, it's such an uphill climb to get things working within that system.
Which means that you've got to do independent backwards-compatible changes anyway, and that for anything remotely complex, you are better off with separate branches (and PR/MRs) anyway.
Monorepos mostly have a benefit for trivial changes across all repos (eg. we've decided to rename our "Shop" to "Shoppe"), where it doesn't really take much to explain with multiple repos, but is mostly a lot of tedious work to get all the PRs up and such.