This exists, it’s very common to have a human readable format for development and storage in version control that gets converted to a binary format for release. What doesn’t really exist is a common inter-engine format.
https://github.com/KhronosGroup/glTF
https://github.com/KhronosGroup/glTF/tree/master/specificati...
glTF is a great idea for providing a sensible interchange format for models though. Even this data usually gets converted into a custom binary format for the runtime engine to consume depending on use. Although as you note glTF has its own binary format and I understand it’s going to be improved with support for compression like Basis so perhaps that will reduce the need for custom formats for all but the most optimised cases.
Probably most the most commonly shared is something like the Tiled TMX format for tilemaps.