It's very simple: with a monorepo you always have access to everything you need, together with a ton of stuff you don't. Whether or not this is advantageous boils down to whether the cost of not having access to something you need is greater than the cost of having access to a bunch of stuff you don't. As long as your system is reasonably efficient at letting you select small subsets of everything you could potentially have access to, the cost of having access to a bunch of stuff you don't need is essentially zero. Perforce is good at that. Git isn't. So people who use Perforce tend to think that monorepos are good and people who use git don't. And they're both right.

Honestly I would 100% do a monorepo every single time if there was good tooling for incrementally building and testing libraries. Having to rebuild every image from scratch for every single change scales miserably. Things like Bazel exist, but you basically have to have a team dedicated to operating it (maybe the difficulty varies by language, but it was a major pain when I tried to use it to build some relatively simple Python projects a few years ago).

I have personally run converted build systems to Bazel, and use it for personal projects as well.

Bazel 1.0 was released in October 2019. If you were using it "a few years ago", I'm guessing you were using a pre-1.0 version. There's not some cutoff where Bazel magically got easy to use, and I still wouldn't describe it as "easy", but the problem it solves is hard to solve well, and the community support for Bazel has gotten a lot better over the past years.

https://github.com/bazelbuild/rules_python

The difficulty and complexity of using Bazel is highly variable. I've seen some projects where using Bazel is just super simple and easy, and some projects where using Bazel required a massive effort (custom toolchains and the like).