If the creature is already monstrous when the monstrosity ability resolves, nothing happens
Sauron, the Dark Lord It does seem like you need a fellowship to defeat this crazy ward cost, and because of that Sauron, the Dark Lord seems more powerful at better tables
The latest in a long line of Uros and Omnaths, cards that do everything, Binding the Old Gods is an absolute pillar of the format
I once ran a Norin the Wary deck that focused on these kinds of effects, and this looks very similar to me in the way you can make use of it
Even the +1/+1 counters you get to place on the creature doesn't make the card all that strong
Still, realistically, you should probably play basics over my off-color duals and play some other trump like Curse of Echoes or more counterspells instead