When a dependency changes versions, I need to update my own code to account for the dependency changes. Then I have to go through the (possibly arduous) process

When a dependency changes versions, I need to update my own code to account for the dependency changes. Then I have to go through the (possibly arduous) process of reconciling those changes with other dependencies that have yet to go through this process. Version information is essentially a lossy compression- all the changes that go into a given release are summarized into a handful of numbers. Whether this happens at the component level or the function level only changes how lossy the versioning step is. I am not convinced it improves the workflow described above.