This is a very valid point. It is not clear at all that a single repo for the world is desirable in the long run, despite some of the individual advantages that sort of setup has. It is part of the reason that I don't think we will see the "next generation" of VCS anytime soon. (Which in turn makes me think that "holding out" for those systems, hoping they will rescue you from your scaling problem, is a bad decision. It is best to move to multiple repos sooner rather than later).
For all of the source code in the world that is source-controlled, it exists in separate repos. It doesn't exist in one repo, and where there are inter-project dependencies, it is the dependency consumer's responsibility to keep abreast of the changes in the dependency and integrate them as necessary. It is self-organizing.
So, if Google and Facebook have grown beyond what can be done with a single repo, either they are not being mindful of their engineering practices (which puts the public at significant risk), or they are approaching a scale that is more similar to "world scale" than it is "corporate scale".
Which I would also say is putting the public at significant risk.