Part of this is an artifact of using lambdas and serverless.com. Serverless deploys all the lambda code in a repo to each lambda. It doesn't try to parse which code is shared. If I add too many lambdas to a repo, deploys take longer and I run into the AWS lambda code size limit.
But I also don't want a repo for each lambda because then I'd have to automate a ton of stuff that's currently manual, and for our tiny shop I think that would be overkill. We'd almost need a dedicated automation person.
We also have repos for several react front-end web apps, and the AWS API Gateway code that connects the front end to the back end. It's very common that I only deploy the react web-app. I have no idea how I would do that in a mono-repo that had all the front end, API Gateway and serverless.com/lambda code. I guess git tags? But I'd always be worried about screwing those up.