I agree with this so much. At my last job, the way I tried to explain it to people was that we normalize our db to prevent data duplication why not our code? Each team had its own StringUtils, DateUtils, etc. etc. But what was worse was that each team would manage state differently, and use different libs for scheduling background jobs.
I think GPT and friends are going to be busy refactoring legacy code bases for a long time.
The ability to point GPT to a new code base and say "Explain this to me", "Are there any security vulnerabilities?", "What are the best refactorings in terms of cost/benefit?" is available now.