Say you version each module and pull in specified versions. It'll work fine, right up until two modules both try to pull different versions of a third module. In practice, you have to update multiple modules at once to avoid conflicts, which, in turn, can require updating other team's code.
It also turns out some tools like Maven don't prevent conflicts by default. You can end up exploring pom.xml files in Eclipse, trying to add exclusions, or figure out which repo is dragging them in.