For all the benefits, there is a large problem with this approach that often goes unacknowledged. It is fundamentally a business problem, rather than a technical problem, but it has impact on development speed, so it's secondarily a technical problem.
The business contract with a consolidated data definition is that everyone in the business, no matter which domain, can rely on it. But think about the red tape that introduces. Whenever you need to define or update a data definition, now you don't have to think just about your own use case, but about all of the potential use cases throughout the organization, and you likely need to get sign-off from a wide variety of stakeholders, because any change, however small, is by definition an org-wide change.
It's the data form of the classic big-org problem, "Why does it take two months to change the color of a button?"
Granted, in most cases, having data definitions duplicated, with the potential for drift, is going to be the more insidious problem. But sometimes you just want to get a small, isolated change out the door without having to go through several levels of cross-domain approval committees.