You trade the ability for teams to deploy independently for the ability to be able to make breaking changes. This is a good trade off in my experience and is better for team velocity.
The approach we have taken is to keep a single codebase and deploy. We have applied the ideas from DDD to segment the code into contexts and assign ownership of each of those contexts to a team. This allows us to get some of the benefits of Microservices without losing all the benefits of a monolith. Having these boundaries in place also gives us the flexibility to move to Microservices if and when we decide we need to.