In Ruby the concept seems less useful because there is no compiler.
1. A "null" instance of one type should not be conflated with a "null" instance of a separate type. 2. By type-wrapping in a Maybe, you declare where you need to be able to handle nulls and where you are free to ignore them (but can never pass them in). You confine the null to specific regions of your code. 3. You force your code's clients to think about the null case wherever you make it visible.
However, you could still make use of the composition operations in dynamic, untyped languages, and simply use them as a toolkit for chaining together operations which could possibly return nil. You don't actually have any static guarantees like you have in a typed case, but it's possible to imagine use-cases where the combining operations are useful enough to reimplement in a dynamically typed language. I suspect that a dynamically typed language that somehow lets you use some kind of monadic notation would benefit from this (e.g. perhaps through the use of Lisp macros), but without extra language support, it probably would just be tedious and verbose (e.g. in Ruby.) I'd be happy to be proved wrong, though.