Monks used to have slowly increasing +W depending on level bc it’s impossible for them to get 15-20x5 like most melees at end game.
Swords to Plowshares helps with this a little, but I think their crit profile is still the worst across all weapon types.
If my memory serves, playing monk as my primary class and almost exclusively the only build I ever play being handwraps, the two big things holding back Monk were the lack of a haste AB and the weaker crit profile. They made up for the latter with high base damage (1d12 fists) and their naturally stronger attack string.
When wraps were converted to weapons and all damage was rolled into the W[1dX] system, the old scaling base dice had to go away because they couldn't code the weapons to just change base dice like that. So instead we got increasing .5W bonuses on monk feats and gear. I think it was one of the raids introduced a pair of wraps that were slightly higher base dice than normal, and that caused a large uptick in the monk population at the time. This is what triggered the removal of the dice from fists but at the time many monk players heavily disagreed with the kneejerk reaction to increased wraps power.
Ultimately it's very sad that an iconic barbarian is a better handwraps user than the actual class that pioneered it. I really hope this rework addresses the fact that when people ask for a handwraps build, instead of getting a monk or SF response, they get a Razorclaw build.