i think it'd have to be done right, you'd have to cut out alot of other common 'civilized' species as well, your elves, dwarves, halflings, gnomes and the like and not just 'role swap' the monster species into the boxes you've just taken those other ones out of, otherwise i don't think it would really end up as much all that different from a basic kitchen sink setting,
but i can see value in what
@Reynard says, an all-human setting could be worthwhile, remind people that a vast fraction of fantasy media manages to get along without a laundry list of other species and still manage to be interesting and engaging, remind people that curation is a valid tool, that it's both allowed and worthwhile and can actually be used to create interesting scenarios.