The sturdy basket keeps the pole from sinking into the mud, some of which is still visible above the rubber safety cap covering the carbide tip. By looping the shoulder strap around the wrist and locking the loop by clamping the free end between thumb and grip, you can regain the weight-transfer advantage of the lost wrist strap. If you take the time to untwist the strap where it hugs the skin, this configuration is reasonably comfortable. Many other reasonable solutions exist, of course, and this setup certainly won't suit everyone. To achieve maximum feasible steadiness, combine the steadying techniques below whenever you can.
Every little constraint helps.
With practice, my ability to steady my monopod while standing continues to improve, but I never pass up opportunities to brace the monopod against something even steadier. When standing, the most important ingredient remains a stable stance. When I'm teetering on my feet, holding the monopod still is hopeless. Squatting is a sure recipe for camera shake, at least for me. My best standing monopod technique was adapted from Jed Wee's excellent How to use a monopod article.