And I'm with business people here: coordination between multiple devs is definitely an overhead that impacts businesses and heavily limits possibilities of experimenting and iterating with ideas.
The separation is also often a kick the teeth of Agile ("we gotta do the backend before frontend starts") and performance ("just call those 5 endpoints N times, we don't have time to make an aggregated endpoint, should have told us before"). You can still have specialists for micro-optimisations and fine-tuning that SQL query, but the initial implementation phase really suffers from the separation.
There's also lots of "prejudice" and pedantry around the term "full-stack", and that's almost always from less experienced developers or students (which is why you don't see it here in HN but see a lot on Reddit), but that's another discussion.
It's even worse with developers who had some design training, IME. "Oh you say you had design training but I'm 100% sure you're absolute garbage in either that or in database modelling. Or perhaps in both!"