What is your alternative? Tying "the existence of internal software components to people's livelihoods" across the expanse of the entire codebase is the only remotely effective approach I've seen to scaling the SDLC at scale.
Aggressively small teams, with no hands-off middle-management layer.
You can build massive capability around a small number of well-managed message-backbones and a single codebase. By keeping the number of hands small and the structure flat, you force high standards. (Skilled staff won't tolerate distractions caused by bad engineering or inadequate automation.)
Heuristic for analysing firms: who has strategic power in decision-making? Conventional answer: a group of hands-off middle-managers who run on meeting tempo, and who are valued by how many people and systems report into them. Under AST: an engineering effort running on maker tempo in cooperation with a hands-on sales effort.
Microservices tend to have multilateral contracts with other systems in the organisation. This steers all planning towards meetings. This creates middle-management bloat.
That's a tricky way to measure, given that I can eat a large pizza myself in a single sitting ;)
That's not to say that some people are better than others at certain parts of the codebase, but you don't want people fighting to keep old cruft in because it's on their job title (figuratively speaking).
You can organize around customers, use-cases, platforms, concerns or other things. Some might naturally map 1-1 to software components, but the software component should not be the "reason d'aitre" for a team, rather the customer experience or something else which can transcend multiple interations of the software.
Is it wasteful to have whole teams at GOOG, FB et al owning and improving the state of the art of infrastructure? It depends. At a certain point, there are enough internal customers for teams to reach contribution margin positive on engineering initiatives that have no direct but only second order effects on customer experience.