Monos and, to a lesser extent, duos can specialize on one thing. For example, say you want to beat shrieker rush. The best deck to choose would be one with 6 wings or 6 dimensional shields. Of course, that would be nearly impossible for a rainbow because it is too expensive. In this case you would use a mono or duo.
Rainbows, however, are great when you do not know what your opponent will bring. You might want PC incase they have strong permanents, damage based CC (lightning, shockwave) if they have low HP creatures, stall based CC (basilisk blood, freeze) if they have high HP creatures, etc. Rainbows can use a lot of different cards to make them a good matchup against almost anything.
So to conclude,
Monos and duos can counter certain decks very well
Rainbows have a good matchup against most decks, but counter fewer things
Seemingly rainbows have it easier when it comes to quantum production, but they also miss out on using large-cost creatures. Generally, they are balanced.