This effort makes a lot of sense if your consumers are complete strangers who work for other organizations. If your consumers are in the same organization, then there are easier ways to achieve similar benefits. See Conway’s Law. It’s not an accident that code structure reflects the structure of the organization that created it, I would claim that organizational boundaries should be reflected in code. Introducing additional boundaries between members of the same organization should not be done lightly.
One of the main benefits of version numbers is that it tells your consumers where the breaking changes are, but if you have direct access to your consumers’ code and can commit changes, review them, and run their CI tests, then you have something much better than version numbers. If you are running different versions of various dependencies you can potentially have a combinatoric explosion of configurations. Then there’s the specter of unknown breaking changes being introduced into libraries. It happens, you can’t avoid it without spending an unreasonable amount of engineering effort, but the monorepo does make the changes easier to detect (because you can more easily run tests on downstream dependencies before committing).
Cross-cutting changes are also much more likely for certain types of projects. These are difficult with polyrepos for obvious reasons (most notably, the fact that you can’t do atomic commits across repos).
Packaging systems also have administrative overhead. If you shove everything in a monorepo you can ditch the packaging system and spend the overhead elsewhere. These days it’s simple enough to shove everything in the same build system.
Various companies that I’ve worked for have experimented with treating internal libraries the same way that public libraries are treated—with releases and version numbers. Most of them abandoned the approach and reallocated the effort elsewhere. The only company that I worked for that continued to use internal versioning and packaging was severely dysfunctional. One startup I worked for went all in on the polyrepo approach and it was a goddamn nightmare of additional effort, even though there were only like three engineers.
