Something like a hard drive could generate recognizable errors in the logs, but once you get out into the motherboard or power supply, there’s simply not enough monitoring available to detect problems. You might be able to record the voltage output from the power supply rails, depending on your hardware, but that still might not tell you anything.
Sounds like the term used by Amazon? I picked up eight 18TB “renewed” drives that have been in constant use for over a year now under a ZFS filesystem. Not a single error yet and the pool is about half full. At the time I bought them, they were about $100 cheaper (each) than brand new drives so that saved me quite a bit of money, but they were also a fairly new line of drives so there couldn’t have been much previous use on them anyway.