When is shit ever factored "correctly"? Next week, your product owner will come over with a new idea for a feature spanning multiple modules and suddenly you will realize you should have factored your shit differently and maybe not split things up into multiple microservices prematurely.
So what I'm trying to say is: Grug is right. Factoring a piece of software correctly is one of the hardest issues. The assumption that you can do it correctly is the reason why so many microservice architectures are such a PITA to work with.
Arguably that is what correct factoring is anyway, because it’s simply not correct in any way to fiddle with a piece of software without generating any real value for either the business objectives or the developers that have to work with it down the road.
But if you've solved the factoring problem, your team and another team can happily work next to each other in the same codebase with less back-and-forth anyway. And the question reduces largely to if you deploy it all at once or not. Sometimes all at once is much easier anyway.
I've seen microservices used by management as a way to force engineering into factoring their shit correctly far more often than I've seen it done because things were already factored well (because cross-team coordination in different services is much harder than just jumping around in the monolith's single repo in a single PR). It's an easy lever for management to pull, too, because most devs don't see it as something they're being forced to do, they think they're getting their wish at rewriting and modernizing things. ;)