To be fair, only skyward sword Zelda is a reincarnation of Hylia, all the others are just descendents of her. Ganon kind of supports the theory, since there's only 1, MAYBE 2, ganons. As for link, it's just a random person that just so happens to have the same name for consistencies sake.
English
-
Gannon/Ganondorf is an incarnation of the spirit of hatred of the demon king from SW, he always almost looks the same with the same ambition to destroy/conquer the world, like Hades uses the purest human to incarnate his soul into the world but he wants death. Every Zelda carries the blood of the goddess but they all almost look alike, just like Athena almost looks the same but has different names. Both of them seal/defeat their enemy for some hundred years, Zelda seals Ganon while Athena seals Hades/Poseidon. Both of them do the job with the help of their chosen hero. Having the same name and always looking like the same clearly has some kind of Link. He might be a incarnation of the spirit, it is hinted but not clearly define. The Pegasus saint seems to be the soul incarnation of the first one that fought Hades. Both of them are the epitome of heroism and fight for justice, to protect and against the odds. Ganon/Zelda/Link and Pegasus/Athena/Hades and linked by destiny to fight each other to protect or destroy the world.