Claim: Let $V$ be an infinite-dimensional vector space and $f : \text{End}(V) \to K$ a monoid homomorphism (so we require $f(1) = 1$ and $f(ST) = f(S) f(T)$, and nothing else). Then $f(T) = 1$ identically.
In other words, there is no nontrivial infinite-dimensional determinant. To begin the proof, observe that $f(0)$ satisfies
$$f(0 \circ T) = f(0) f(T) = f(0)$$
for every $T \in \text{End}(V)$. So either $f(0) = 0$ or, if $f(0) \neq 0$, then $f(T) = 1$ identically.
Lemma 1: Every linear map $T : V \to V$ which is injective has a left inverse, and every linear map which is surjective has a right inverse.
Proof. If $T : V \to V$ is injective, then we can (using the axiom of choice to choose bases) find a complement $W$ to $\text{im}(T) \subset V$, so that $V = \text{im}(T) \oplus W$ (internal direct sum). Then we can take $S : V \to V$ to be the linear map equal to $T^{-1}$ on $\text{im}(T)$ and $0$ on $W$, which satisfies $ST = 1$ by construction. The argument for the surjective case is similar. $\Box$
Corollary: $f(T) \neq 0$ if $T$ has either a left or a right inverse.
Proof. If $LR = 1$ (so $L$ is a left inverse and $R$ is a right inverse) then $f(L) f(R) = 1$, and in particular $f(L), f(R) \neq 0$. $\Box$
So $f(T) \neq 0$ if $T$ can be written as the composite of maps with either left or right inverses. But:
Lemma 2: $0 \in \text{End}(V)$ can be written as a composite $L_1 R_2$ where $L_1$ is a left inverse (has a right inverse $R_1$) and $R_2$ is a right inverse (has a left inverse $L_2$).
Proof. It will be easier to explain by starting with an example: take $V$ to be the vector space of infinite sequences $(a_0, a_1, a_2, \dots)$. Then the composite $L_1 R_2$ of the maps
$$L_1(a_0, a_1, a_2, \dots) = (a_1, a_3, a_5, a_7, \dots)$$
$$R_2(a_0, a_1, a_2, \dots) = (a_0, 0, a_1, 0, \dots)$$
is zero. But $L_1$ and $R_2$ have right resp. left inverses
$$R_1(a_0, a_1, a_2, \dots) = (0, a_1, 0, a_2, \dots)$$
$$L_2(a_0, a_1, a_2, \dots) = (a_0, a_2, a_4, a_6 \dots).$$
To generalize this example requires that we choose a direct sum decomposition $V \cong V_1 \oplus V_2$ such that $\dim V_1 = \dim V_2 = \dim V$, which can be done using the axiom of choice. Then we take
- $L_1 : V \to V$ to be the projection onto $V_1$ followed by any isomorphism $\varphi_1 : V_1 \cong V$,
- $R_1 : V \to V$ to be $\varphi_1^{-1}$ followed by the inclusion $V_1 \hookrightarrow V$, and
- similarly for $L_2, R_2$. $\Box$
Corollary: $f(0) \neq 0$, so $f(T) = 1$ identically.
The nonexistence of the infinite-dimensional determinant should be intuitive since it already can't assign meaningful values to scalar multiples of the identity in any obvious way. But this doesn't appear to be the cleanest way to proceed to a contradiction and we instead use the fact that $\text{End}(V)$ fails very badly to be Dedekind finite.
This argument also uses no properties of $K$ other than that it's commutative (the condition $f(T) \neq 0$ can be replaced by the condition that $f(T)$ is invertible), so in fact it shows that the abelianization of $\text{End}(V)$ (as a monoid) is trivial.
Edit: See this MO discussion for some more context on the maps $L_1, R_1, L_2, R_2$ above.
Edit #2: I've now asked a follow-up question about what happens if we only ask for the determinant to be defined on $\text{Aut}(V)$.