Earlier quoted context omitted.
For a moment, let's assume they do abandon the monorepo. What solution would you recommend for managing code dependencies and coordinating releases between thousands of teams (at a modest 5 repos per team) - git tags?
This coordinating releases across teams is not a unique a problem. In fact, every large software organization solves this problem. They don’t usually do it in a assbackwards way due to institutional blindness.
If you're not simultaneously updating the code and all it's references (i.e. a monorepo), you will need a version dependency graph system (with integrated with your build system). I'm yet to encounter one such tool that isn't awful to use[1]: monorepos are an improvement when you grow beyond a couple dozen repos. Git submodules aren't a good solution either. If you familiar with a decent tool/workflow that is not "institutionally blind", I'd love to learn more about it.
1. Gradle, Android's "repo", home-grown git-submodule-based build systems.