You can have individual dev teams, with their own repo ,backlogs, own stakeholders, etc all working at their own paces. They build modules (jars, nuget packages, npm modules) and deploy semver versioned artifacts to a repo like Nexus or JFrog. Any frontend/consumer applications can build towards versions of those modules and upgrade on their own schedule. Only the consumers need to worry about deployment.
This gives you the organizational flexibility but not the infrastructure overhead.
The discriminating factor that makes microservices necessary if these individual services have divergent hardware needs.