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Just as a follow-up, I ended up just writing the following coend-y short proof for the explicit description of the monad: the extension of a presheaf along is computed by the coend
but having an OFS means precisely that
so
And the elements of the latter are precisely equivalence classes modulo the action of isomorphisms in the middle; when the OFS is strict then there's no quotient
Amar Hadzihasanovic has marked this topic as resolved.