When we discuss of creating a new industry standard API, we are not discussing of a single rewrite. There are a few typical patterns how these are done: 'fostering' an existing tech stack under a public institution or developing the API publicly.The public API development usually consists of two parts - agreeing on the theory of the API and implementing one or more reference implementations of the said API at the same time by member institutions.
I'm not sure how to gauge the risk of this public API development. There are costs for member organisations but usually they are insignificant when compared to the size of an institution. There is usually no established product whose feature development and support stagnates because of this but rather the development is done to facilitate potential future products and features. Of course, the API adoption can fail (ref. for example OpenVG) but that fait can befall any new development for any number of reasons.
Rewriting those will be much more harder. A lof of them probably not open source.
Sure I understand that there might be some stuff that should be deprecated (much like with HTML elements, the old stuff can be supported while newer projects use newer and better stuff), but rewriting from the ground up also means that you have to re-educate every developer out there. They might as well go and release for Windows instead since they probably have some experience with DirectX too.
Rewriting something that many people use is a bad idea, especially when there are well-funded competitors trying to get developers onto their own platforms.
Graphical cards evolved much more in the last 15 years.
The first Direct3D versions were also bad, but they evolved and removed cruft and broke backwards compatibility.