I have slight experience with both monorepos and smaller repos and I think they can both work. The advantage of smaller repos is that it forces different components to expose well designed API's. Bigger repos make sense for products and embedded software, smaller repos make sense for platforms build up of small services communicating on the internet.
Also, when someone's asking for review for a change that encompasses, say, a change to a service, a change to a client library for that service, and a change to 2-3 other services that use that client library, I know that I cringe a little when suggesting a change, knowing that to implement it is going to require a commit on all of these different repos, waiting for CI to run on each one, etc. I try to only use that impulse to counter the urge to bikeshed, but the temptation is there.