I hope it's always fine to open this bug here even if 'GPGCONF' command is indeed from GnuPG 2.2.28 that is packaged with Gpg4win 3.1.16.
The effect is that each line shows '...:C%3a\....' instead of expected '...:**C:\**...'.
Since '0x3A' it's the character code for '**:**' (colon) character (as per quick check I made in Charmap.exe) it seems that probably due to a typo, a wrong % character has substituted expected '0x', and unluckily this is impacting more displayed text lines.
And here's bitmap showing issue.
{F2670748}