It allows everyone to go fast as long as the work is constrained within one service. It goes very slow once service / team coordination needs to happen and one team alone is not able to deliver the feature. This then often leads to services duplicating logic, amassing responsibilities in order to do as much as possible within "my" service to avoid this coordination bottleneck.

Then you're either not setting up your team responsibilities right, or you're not allowing cross-team contribution, both are fixable mistakes.