To reproduce:
c:\GnuPG\bin\gpgconf.exe --homedir c:\
Or:
set GNUPGHOME=c: c:\GnuPG\bin\gpgconf.exe
The following does not crash:
set GNUPGHOME=c:\ c:\GnuPG\bin\gpgconf.exe
It's not only gpgconf that is crashing, there are also crashes of GpgSM and GnuPG itself.