For a while I was thinking that you just need a map to a monoid, and then reduce would do reduction according to monoid's multiplication.
First, this is not exactly how monoids work, and second, this is not exactly how map/reduce works in practice.
Namely, take the ubiquitous "count" example. If there's nothing to count, any map/reduce engine will return an empty dataset, not a neutral element. Bummer.
Besides, in a monoid, an operation is defined for two elements. We can easily extend it to finite sequences, or, due to associativity, to finite ordered sets. But there's no way to extend it to arbitrary "collections" unless we actually have a sigma-algebra.
So, what's the theory? I tried to figure it out, but I could not; and I tried to go google it but found nothing.