Amrit, thanks for sharing a real-world perspective. I agree that microservices are not the solution to all software requirements. But is it possible that the problem wasn't microservices, but rather using conventional services as microservices?
The design of microservices needs to address the problems you encountered. My team has been exploiting containerized microservices to build high-performance cloud-native applications and the approach we evolved seems to have addressed your issues.
https://medium.com/nerd-for-tech/designing-microservices-4130bc41c046