Consider the class of rational functions that are the result of dividing one linear function by another:
$$\frac{a + bx}{c + dx}$$
One can easily compute that, for $\displaystyle x \neq \frac cd$ $$\frac{\mathrm d}{\mathrm dx}\left(\frac{a + bx}{c + dx}\right) = \frac{bc - ad}{(c+dx)^2} \lessgtr 0 \text{ as } ad - bc \gtrless 0$$ Thus, we can easily check whether such a rational function is increasing or decreasing (on any connected interval in its domain) by checking the determinant of a corresponding matrix
\begin{pmatrix}a & b \\ c & d\end{pmatrix}
This made me wonder whether there is some known deeper principle that is behind this connection between linear algebra and rational functions (seemingly distant topics), or is this probably just a coincidence?

What you are looking at is a Möbius transformation. The relationship between matrices and these functions are given in some detail in the Wikipedia article. Most of this is not anything that I know much about, perhaps another responder will give better details.
What you can find is that the composition of two of these functions corresponds to matrix multiplication with the matrix defined as you have inferred from the determinant issue.
These are also related to continued fraction arithmetic since a continued fraction just is a composition of these functions. A simple continued fraction is a number $a_0+\frac{1}{a_1 + \frac{1}{a_2 + \cdots}}$ and you can see almost directly that each level of the continued fraction is something like $t+\frac{1}{x} = \frac{tx+1}{x}$ where "x" is "the rest of the continued fraction." Each time we expand a bit more of the continued fraction, we engage in just this composition of functions as above. So Gosper used this relationship to perform term-at-a-time arithmetic of continued fractions. In practice this means representing a continued fraction as a matrix product.
For instance, $1+\sqrt{2} = 2 + \frac{1}{2+\frac{1}{2 + \cdots}}$ so you could represent it as $$\prod^{\infty} \pmatrix{2 & 1 \\ 1 & 0}$$ And to find out what $\frac{3}{5}(1+\sqrt{2})$ is you could then calculate, to arbitrary precision, $$\pmatrix{3 & 0 \\ 0 & 5}\times \prod^{\infty} \pmatrix{2 & 1 \\ 1 & 0}$$