That sort of code does get reused a lot, when games are built on third-party (or in-house) engines. But I don't think it would make sense to just consolidate all of it- engines make different tradeoffs on how geometry data is formatted, laid out, and processed, and that continues to be an area of optimization and innovation.

As far as initializing the hardware, that's a relatively small, one-off piece of code that's different for every platform (including consoles) anyway.