I've worked for a company with a large monorepo. At first I was a fan, but now I'm not so sure. The web of dependencies was too much. Now I think teams should be allowed to reuse other teams' code only as libraries or APIs with actual release cycles. There shouldn't be any "oh let's depend on the HEAD of this random build target somewhere else in the monorepo". There should be only "let's depend on a released version…
I find your comment really interesting because having the capability to point to the HEAD (or realistically a commit SHA) is a feature I sometimes really enjoy about not using monorepos.