ConfigObj fixes a lot of problems with INI, which isn't a real format, but AFAIK is a dead end in terms of adoption and indeed wider recognition as it's just one library with its own specification.
TOML resolves many of the same problems as ConfigObj and is seeing pretty widespread adoption (e.g. by the rust ecosystem, and indeed by modern python standards). Therefore it has better tooling available for it, is more recognisable, and is in wider use.
Changing config format is obviously a seriously breaking change. If there is interest in this transition, we could move to supporting both immediately, give a couple of minor versions' (Pending)DeprecationWarning, then actually deprecate it with a major version.