I think way too much tooling assumes 1:1 pairings between services and repos (_especially_ CI work). In huge orgs Git/whatever VCS you're using would have problems with everything in one repo, but I do think that there's loads of value in having everything in one spot even if it's all deployed more or less independently.
But so many settings and workflows couple repos together so it's hard to even have a frontend and backend in the same place if both teams manage those differently. So you end up having to mess around with N repos and can't send the one cross-cutting pull request very easily.
I would very much like to see improvements on this front, where one repo could still be split up on the forge side (or the CI side) in interesting ways, so review friction and local dev work friction can go down.
(shorter: github and friends should let me point to a folder and say that this is a different thing, without me having to interact with git submodules. I think this is easier than it used to be _but_)