I think you have this picture in your mind of just one big pile of spaghetti code. The truth is way more nuanced. All the code may be in one big repository, but that doesn't mean it is not well-managed. The code is still modular; code is managed in libraries with clean APIs, and so on.
But whether you keep your code in one big repository or many small repositories, you still need to track and manage those the dependencies between the various parts.
For instance, when a bug is discovered in library X, you need to know which binaries running in production were compiled against a buggy version of that library. At Google we can say "A bug was introduced at revision NNNNN and fixed at revision MMMMM. Please recompile and redeploy any binaries that were built within that range." (And we have tools to tell us exactly which binaries those are.) This is something that using One Giant Repository gives us for free.
If you were taking the many-small-repos approach, for any given binary you'd need to track the various versions of each of its dependencies. You'd also need to manage release engineering for each and every one of those projects, which slows progress a lot (although we do have a release process for really critical components).
But like I said, there are relative advantages and disadvantages to either approach. To write software at this scale requires tools, processes, and good communication. Where you keep your code, at the end of the day, is actually a pretty minor concern compared to all the other stuff you need to do to ship quality products.