Yes exactly! GraphQL would be great for a huge company with multiple front end and backend teams that are a challenge to communicate between. It standardizes and simplifies things for that massive organization and alleviates the pain of communicating API changes across such a big organization.
If you are one small to medium sized team. Or honestly even 2 small to medium sized teams, GraphQL is overkill. The people working on the API for your frontend are either right next to you, or even you yourself. So there’s no need to introduce this big backend framework with a strict API. There’s just little to no process or code quality benefit for small teams. Unless someone on your team is absolutely terrible, and that terrible person is going to cause problems anyway.