Having all code in a single repository increases developer productivity by lowering the barrier to change. You can make a single atomic commit in one repository as opposed to N commits in M repositories. This is much, much easier than dealing with subrepos, repo sync, etc.
Unified repos scales well up to a certain point before troubles arise. e.g. fully distributed VCS starts to break down when you have hundreds of MB and people with slow internet connections. Large projects like the Linux kernel and Firefox are beyond this point. You also have implementation details such as Git's repacks and garbage collection that introduce performance issues. Facebook is a magnitude past where troubles begin. The fact they control the workstations and can throw fast disks, CPU, memory, and 1 gbps+ links at the problem has bought them time.
Facebook made the determination that preserving a unified repository (and thus preserving developer productivity) was more important than dealing with the limitation of existing tools. So, they set out to improve one VCS system: Mercurial (https://code.facebook.com/posts/218678814984400/scaling-merc...). They are effectively leveraging the extensibility of Mercurial to turn it from a fully distributed VCS to one that supports shallow clones (remotefilelog extension) and can leverage filesystem watching primitives to make I/O operations fast (hgwatchman) and more. Unlike compiled tools (like Git), Facebook doesn't have to wait for upstream to accept possibly-controversial and difficult-to-land enhancements or maintain a forked Git distribution. They can write Mercurial extensions and monkeypatch the core of Mercurial (written in Python) to prove out ideas and they can upstream patches and extensions to benefit everybody. Mercurial is happily accepting their patches and every Mercurial user is better off because of Facebook.
Furthermore, Mercurial's extensibility makes it a perfect complement to a tailored and well-oiled development workflow. You can write Mercurial extensions that provide deep integration with existing tools and systems. See http://gregoryszorc.com/blog/2013/11/08/using-mercurial-to-q.... There are many compelling reasons why you would want to choose Mercurial over other solutions. Those reasons are even more compelling in corporate environments (such as Facebook) where the network effect of Git + GitHub (IMO the foremost reason to use Git) doesn't significantly factor into your decision.