Earlier quoted context omitted.
This seems to side step governance of the repository pulling said module version
You need governance of the client choosing a specific version of the service too. Or, in other words, you can't have teams cooperating without governance.
If you allow at most 2 versions and expect team introducing change to rewrite all code...
At small size of code, tooling for that may be off-the-shelf for monolith.
Are there any rewrite told that work cross repos though?