So, with Monolog being over 35 years old, where does it fit in the 21st Century? The answer is, it probably doesn't anymore. The introduction of per-second call pricing in 1998 and the subsequent withdrawal of the Meter Pulse Facility (MPF) between March 2007 and September 2008 were probably the key events that signalled the end for Monolog. As a consequence of the loss of MPF, Monolog lost most of its functionality as a means of independently verifying subscribers billing.
All the original software which was produced to support Monolog (Checklog, Dialog, Printout etc.) were all written when 16-bit/32-bit Operating Systems were the norm. In todays 64-bit world, these applications no longer work natively (unless they are run within an emulator). The applications were also all MS-DOS / command-line driven and not really in-keeping with the modern GUI world in which we operate today. Obviously, the largest drawback Monolog has today is, it's based on an analog dial-up architecture which again, is mainly obsolete in modern computing terms.
With the slow - but inevitable - demise of the traditional analog telephone line and the move towards Voice over IP communications (SIP, MS-Teams etc.), Monolog is even less relevant in the 21st Century.