Can I bake glass BSDF? I'm learning how to use Blender. I'd like to make models for game engines and also for sharing with other people. 

Context: I want to make a bottle with a glass material, and a label on the bottle (and the label is a bit round). 

I found the best glass effect is the glass BSDF in cycles, but to be able to export my model as .obj or .fbx I have to bake everything on a texture (from what I know so far). 

Problem: When I bake the glass, export my model and then reimport to other software, the baked glass is not transparent. Of course I can set the transparency in that other 3D software for that "glass area", but that'll effect all other objects on that baked image. For example, I dont want the "round label" to be transparent. 

Question: Is it possible to bake the glass area of the bottle with transparency? I've found the only way to export a model of a bottle with a rounded label would be through cycles, though I don't want to adjust the faces to fit the label that is rounded. So is this possible? Is there a better way to do what I want to do?
Refraction and reflection effects can't really be baked into an object, at least no dynamically like you seem to want. Actually they can be baked, but is that what you really want?

Baking is generally used to simulate effects like shadows, lighting, small details like bumps or roughness through displacement maps, bump maps, normal maps, etc., the kind of thing that is either too complex or too expensive, or somehow unwanted or not needed to calculate in real time.

Baking means it will be pre-calculated and become static, so it wont react when you change the viewpoint. So if you bake things like transparency or refraction or reflections they will become static, and seem to be "printed" or "painted" onto the surface of the object and that is generally not desired.

See here What does &quot;Baking&quot; mean?

If you want to provide your model for other people to use should not worry too much about materials, and only deliver the correct geometry and textures needed so that they can create the materials themselves suited for whatever rendering engine or game engine they will be using.

For your bottle and label just provide the correct label texture and a geometry with correct UV coordinates to use them. The transparency should then be created by the user in their destination software