I think monograms on stuff like that are fun. Maybe they are in poor taste, I don't know.
I don't mind them. I would pay to get it done but if they offered it for free and I Liked the font. I think women would like that. Well, most. And the ones that would have a strong reaction to it, I wouldn't want to know anyway. That goes for men too. Any man that notices too small a detail about my clothes and comments negatively gets the bird.