Monel is very unreactive (it's nickel and copper, mainly) so I don't think it would be the cause of the hydrogen problem. According to what I've read, the issue is most often associated with magnesium anode rods, which are the most aggressive type of anode rod. Anode rods self generate a small amount of current, as they dissolve preferentially to exposed steel inside the water heater. Under some circumstances (corrosive water, exposed corroded tank inner surfaces, 2 weeks or more of no heated water draw) the small current generates hydrogen gas which can build up in the heater. Since monel doesn't corrode readily at all, I'm not sure if monel tanks have anode rods to begin with.
Other rods use aluminum instead of magnesium; when I replaced the rod in my tank I was told that magnesium rods were unavailable and all I could get was an aluminum one. The hex head bolt that holds the anode rod in place on top of the water heater can reveal what type of rod is within: a flat head surface means an aluminum rod; a small rounded bump in the center of the hex head means it's a magnesium rod. If the old rod is magnesium, and there is a secondary rod on the hot water outlet, then the replacement rod should be magnesium as well, not aluminum. Otherwise any magnesium remaining on the secondary rod will rapidly dissolve in an effort to "save" the aluminum in the replacement rod.
At one time, galvanized steel was used to make water heater tanks. This turned out not to be such a good idea. At high water temps (160F or more) the zinc metal can undergo a reversal of sacrificial anode electron flow, resulting in accelerated corrosion of the steel tank. For this reason, zinc anode rods are not used either.