What is so special about Monads?

Question

A monad is a mathematical structure which is heavily used in (pure) functional programming, basically Haskell. However, there are many other mathematical structures available, like for example applicative functors, strong monads, or monoids. Some have more specific, some are more generic. Yet, monads are much more popular. Why is that?

One explanation I came up with, is that they are a sweet spot between genericity and specificity. This means monads capture enough assumptions about the data to apply the algorithms we typically use and the data we usually have fulfills the monadic laws.

Another explanation could be that Haskell provides syntax for monads (do-notation), but not for other structures, which means Haskell programmers (and thus functional programming researchers) are intuitively drawn towards monads, where a more generic or specific (efficient) function would work as well.

Answer 1

I suspect that the disproportionately large attention given to this one particular type class (Monad) over the many others is mainly a historical fluke. People often associate IO with Monad, although the two are independently useful ideas (as are list reversal and bananas). Because IO is magical (having an implementation but no denotation) and Monad is often associated with IO, it's easy to fall into magical thinking about Monad.

(Aside: it's questionable whether IO even is a monad. Do the monad laws hold? What do the laws even mean for IO, i.e., what does equality mean? Note the problematic association with the state monad.)