Many original analog tape recordings have a certain degree of hiss that is quite noticeable. Prior to the 1980's almost all recordings were taped on analog open reel and the original Dolby hiss reduction wasn't used until the late 1960's and early 1970's.
Many of the CD reissues from the mid-1960's and before have been digitally reprocessed to remove hiss. It may be that the mono version of Pet Sounds took a more purist approach and they chose not to digitally remove the hiss. I can't state that for a fact, but from what you say and from what I know from comparing many original LP recordings to their CD reissues this would seem likely in your case.
Many of the CD reissues from the mid-1960's and before have been digitally reprocessed to remove hiss. It may be that the mono version of Pet Sounds took a more purist approach and they chose not to digitally remove the hiss. I can't state that for a fact, but from what you say and from what I know from comparing many original LP recordings to their CD reissues this would seem likely in your case.