Why it exists is laid out quite plainly.
The pain of it is we’re all jumping on Prometheus (borgmon) without considering why Monarch exists. Monarch doesn’t have a good corollary outside of google.
Maybe some weird mix of timescale DB backed by cockroachdb with a Prometheus push gateway.
[1] https://news.ycombinator.com/item?id=16879392
Disclaimer: I work at vmware on an unrelated thing.
If you think about Bigtable, a key observation that the Monarch team made very early on is that, if you can support good materialized views (implemented as periodic standing queries) written back to the memtable, and the memtable can hold the whole data set needed to drive alerting, this can work even if much of Google's infrastructure is having problems. It also allows Monarch to monitor systems like Bigtable, Colossus, etc., as it doesn't use them as serving dependencies for alerting or recent dashboard data.
It's a question of optimizing for graceful degradation in the presence of failure of the infrastructure around the monitoring system. The times the system will experience its heaviest and most unpredictable load will be when everyone's trying to figure out why their service isn't working.