Even if that state is kept outside the service itself (like a database or event queue) it can still be really hard to reason about when said state-stores are shared across a huge codebase. Changes to a part of the state can have negative effects in completely unrelated functionality.
And of course, there is nothing blocking a monolith from isolating/modularizing their state-stores, but it tends to not happen unless the architecture forces it to happen or through strong tech leadership.