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What does the 2nd option mean? What do `bom-lib-artifact1` etc contain? I've used the 1st style for a few years now with great success.

just different parts of a library.
in the second option i would essentially be flattening out the bom-lib alongside other libs (not related to bom-lib) in the monorepo.

example: in the context of a library that uses BOM such as `spring-boot`, different components of it like `starter-web`, `starter-actuator` or `devtools`.

I see. Personally I wouldn't place any other libs that aren't part of the BOM inside the monorepo.