1.) 50,000 XP is still really cheap. Defeating Tiamat or the Tarrasque would be enough all by itself to level up a three-man party, or get a four-man party 75% of the way there. Maybe it's old-school of me, but I don't think that's worth a level/epic boon/ASI all by itself. YMMV obviously.
2.) It's actually quite hard to make arbitrarily-tough monsters by 5E rules, because the XP table maxes out at CR 30 and there's no guidance at all for anything beyond that. Obviously you can make something up and award some arbitrary amount of XP, but you could do that in any edition. For example, if I made a truly epic Tiamat who is as large as a mountain (6 miles in length), with 10,000 HP and 1000 HP regen per round, a breath weapon dealing 24d12 etc. to a square mile at a time, etc., and the players manage to defeat her, there is no guidance at all as to how much XP she's worth. Personally I would consider that to be worth a level or an epic boon, so under my system she'd be worth about 1.6 million XP so that each PC gets 400K XP, but that's me making it up because 5E gives no guidance at that scope. Unlike, say, AD&D 2nd edition, which could and did give stats and XP for such creatures, although not always stats that made sense.
Well yeah, I meant up to CR 30, though personally I give the stats I want and eyeball a CR
afterwards. Over CR 30 I'd probably go "how many CR 30 monsters is this?" but I would probably want to always stick to CR 30 or below for anything you slug it out with face to face; if I ever used
miles-long critters I would break down into pieces, treat as terrain etc - take some tips from 4e.
I would certainly favour giving my group an advancement after killing Tiamat or similar, but those sort of fights would be rare; I'd expect to mostly use large groups of lower CR critters (bounded
accuracy FTW) giving little XP. A CR 25 demon lord plus a group of other demons would be a big
fight worthy of an advancement, but you wouldn't get the chance to do that often - certainly no more than once every 8-10 sessions in my online game, but probably much less frequent.
Re massive monsters, I wouldn't ever be giving out 400,000 XP per PC. I would cap at either #
50,0000 XP each, or minimum-for-two-advancements XP, but if I were regularly giving out
more than 30,000 XP I'd be very surprised and would reassess. Looking at the DMG pg 82 it says a
Deadly encounter for level 20 characters is 12,700 XP, easy is 2,800 and medium 5700. That is the kind of range of XP award I'd be looking to give for a session.