Scaling a monorepo also involves scaling with the number of engineers at the company. The strategy mentioned here, of putting the trust in your engineers to determine what tests need to be run after platform-wide changes does not scale. Eventually there will be enough product teams who care more about speed than quality. Likely resulting in increased outages, because changes won't be guaranteed to be fully tested in CI.
A more reliable way to solve this problem would be to scale out testing in CI. For example with Bazel's remote execution or any type of CI sharding strategy. Optimizing CI build and test times for changes impacting many targets is a scaling problem any monorepo will eventually need to tackle.