Maybe the better question for Ocaml folks is "Why Monads?"
Would that be a more interesting response?
As an OCaml beginner my understanding is that I can do away with needing to understand monadic IO (yet) because OCaml is non-lazy and allows side-effects. I also like monadic parser combinators because they'll allow me to write parsers without the tedium of recursive descent, or being reliant upon parser generators. I have a rough understanding of monads as a purely algebraic abstraction (https://arcanesentiment.blogspot.in/2017/06/purely-algebraic...) and an even vaguer idea as a "representation of computations as values", based on this excellent thread: https://discuss.ocaml.org/t/can-monads-help-me-my-refactor-c...
But I don't grok it yet, which I'm sure I'll be able to once I find an occasion to use it. I suspect I'll hit that point sooner if I were using Haskell than OCaml though. I'm still collecting analogies (burritos, boxes, "smart pipes") and I want more. If nothing else, it is fun, and contrary to popular opinion, I don't think it distracts me from its essentially abstract nature.
Both Lwt and Async are monadic, but they are presented without requiring you to know about monads, so you can get to use them pretty easily, and after you've used them to build reasonably sized programs, then you'll have a good intuition of what's happening.
https://news.ycombinator.com/item?id=17008877
Ocaml folks have an awesome async library that is monadic, and I think maybe for OCaml specifically and Ocaml-specific value propositions, playing with that is better than any wall of text I can throw at you.
But: parameterizing on a generic monad is what really is the superpower they give you.
However, there are a some very popular monadic libraries (for example, for concurrency you have lwt and async). The main advantage is that you have explicit information over which calls are blocking (it's in the signature), and explicit control over when you relinquish control back to the coroutine/fiber/lightweight_thread/future/whatever_you_want_to_call_it scheduler.
Anyway, monads are hard to compose, so the shiny new thing here is called "algebraic effects". http://www.eff-lang.org/
Monads don't compose because monads shouldn't compose. Many things form monads that do not form proper effects. Perhaps the most obvious is the typical continuation monad. It is a good thing that this particular monad does not compose because if it did, you'd be in for a ton of hurt in understanding what happened when.
Effect systems are good when all you want to do is write code that has effects. Monads are not really about effects, although they can be used to describe certain classes of them. Monads are nevertheless, strictly more powerful.
This is not true. Monads and effect systems are equally powerful.
More concretely: Effect systems are essentially delimited continuations. Monads and multi-shot delimited continuations are equally powerful, though some effect systems don't support invoking the continuation multiple times and so aren't multi-shot and therefore are less powerful than monads.
You can express any monad with delimited continuations, and vice versa. And using some monad in do-notation, and using the corresponding delimited continuation implementation in normal (non-Haskell) sequential code, will look identical.
source please.