Speaking as a local the monorail was insanity from the start.
At the time, the taxi companies still had the "juice" (as it's termed here) to block it from going to the airport, which would have been part of any sane plan.
AFAIK, its only sane feature was meeting the requirement that the cost of demolition be escrowed.
In its bankruptcy a decade or so ago, Judge Markell actually rejected the agreed reorganization--something quite rare. He pointed out that, in spite of the agreement,
a) the court had an independent duty to review, and
b) one of the requirements for confirming a plan being that it wasn't likely to need another bankruptcy--and that this one pretty much locked in another one down the road.
Extending it *might* make sense; I don't know the current economics. But if so, it should go to the airport, downtown, and the nearby stadiums--or don't bother.
And if we're going ahead with tunnels (a big question itself), the monorail would be redundant, anyway.