One of the benefits of being in this industry for a while is that you learn to spot and avoid fads. You even learn classes of fads. Microservices instantly looked like a fad. Two classes of fad apply. One is a "move stuff around and complexity will magically go away" fallacy fad. The other is a "way to promote vendor lock-in or higher cost" fad. Other major classes of fads are: consultant self promotion fads, re-inve…
In the right circumstances, a microservices architecture can absolutely boost developer velocity. You can reduce development/mental model complexity, reduce blocking internal dependencies, increase performance of tooling and deployment, and allow more consistent and less risky deployments. There are certainly costs: infrastructural complexity, a new network boundary between services, increased risk of techincal/product drift.
For orgs where the benefits outweigh the costs, due to scale/org structure/perf concerns/etc it can be an enormous win for velocity. For other orgs it can be a huge velocity killer. It just depends.