A 555 monostable circuit is not a "true" monostable because it does not have positive feedback to make the output pulse width independent of the input state after it is triggered. It also is not a normal retriggerable monostable, because if it receives a 2nd trigger input before the first timing period is finished, the timing period does not immediately restart. IOW, the 555 is weird.
If the trigger input is held low longer than the monostable pulse width, the output stays high until the trigger input goes high. The coupling capacitor forms a differentiator circuit that "extracts" the leading negative edge from whatever is driving the trigger input. Shortly after the driving signal goes low, the trigger input goes high even though the driving signal still is low. Now when the 555 times out, the output goes low at the correct time.
ak