One tenant bursts to ten times their normal traffic and every other customer's latency doubles. Your global rate limit was never hit. How would you design for fairness instead?
A global limit protects the service from overload but says nothing about how capacity is divided, so one tenant can consume most of it while staying under the ceiling. Fairness needs per-tenant accounting: a token bucket for the steady-state contract, a concurrency limit so expensive requests cannot hog workers, and round-robin queueing so a burst queues behind itself.