If you look at monorepos from a package management standpoint, they are usually just high-level graphs of dependencies. Or, more accurately, sources of dependencies. How these are rolled up, shipped, and ultimately deployed is a function of the operational culture and business needs more than it is source control or even language choices, in my opinion. Business needs impact source control in any sufficiently complex, source-controlling org.
That's not to say that, for example, small companies benefit from monorepos, while large ones benefit from small repos and packages (or the opposite). I think the pros and cons are entirely decoupled from codebase size and complexity. In order to do one or the other well, you need the right business needs, operational parameters, engineering culture, and resources. So, I always find it interesting to read about Google or Microsoft leveraging one, the other, or both approaches with their own codebases.
I liken the monorepo vs small packages approach to be a little bit like rendering a frame on a CPU vs a GPU. Do you build/test/deploy each "frame" (iteration) as a top-down, more-or-less-discrete block of work, or can you parallelize it and "ship" multiple compatible streams at once?
I suggest it depends almost entirely on the problem space and the "hardware" (business needs), far more than it does the actual code or volume of code.
Perhaps Conway's law here applies here in a sense, i.e. any organization that manages source code will produce a source control management scheme that is representative of how they deploy to downstream consumers.