You are correct that the existence of magnetic monopoles, which are particles carrying a single magnetic pole, is still hypothetical and has not been experimentally confirmed. However, the absence of magnetic monopoles does not prevent the existence of electromagnetic dipoles.
Electromagnetic dipoles arise from the separation of positive and negative charges within a system. They do not require the presence of magnetic monopoles. In fact, electromagnetic dipoles can be understood within the framework of classical electrodynamics, which does not involve magnetic monopoles.
Consider, for example, a simple case of an electric dipole. It consists of two equal and opposite charges (positive and negative) separated by a small distance. The separation of charges creates an electric dipole moment, which gives rise to an electric field that varies with distance. This electric dipole moment interacts with external electric fields and experiences torques in the presence of external magnetic fields, leading to various observable effects.
Similarly, a magnetic dipole can be understood as a current loop or a loop of moving charges. When a current circulates in a loop, it generates a magnetic field with a particular orientation and strength, creating a magnetic dipole moment. This magnetic dipole moment interacts with external magnetic fields and experiences torques in the presence of other magnetic fields.
The concept of electromagnetic dipoles arises naturally from the distribution of charges or currents and the resulting electric and magnetic fields. It does not rely on the existence of magnetic monopoles. While the existence of magnetic monopoles would have significant implications, their absence does not negate the presence and behavior of electromagnetic dipoles.