I use a light weight monopod with a ball head. I don't usually extend it all the way or put the foot on the ground. Usually I have the ball head bent so that the monpod foot is squeezed between my arm and ribs. Sometimes, I tuck the foot behind my belt or even in a pants pocket. It even helps just as a handle fully retracted and held horizontally -- sort of like hold handle bars on bike with a camera attached.
If I want to use it more like a steady cam, I use a small bar I made to mount it upside down on the monopod. When I turn the camera upright I have a vertical "handle" for the camera. I hold the monopod a foot or so above the camera and adjust the ball head for levelness. The weight of the camera is below where I am holding the monopod so I get a steady cam effect.
No, a monopod is not a steady cam. But, you don't have to balance it, it is more convenient to use, more versatile, a lot cheaper and the results are pretty good, especially when the camera has some stabilization built in.