Most teams I know using Webpack would love to spend the 1-2 "upgrade bullshit" days annually they already have to spend on Webpack porting to something else instead, if it actually had some longevity and advantage (and Parcel does not, if you already have a working Webpack config - still slow, still accretes config bullshit at the same rate, it just has a more mature 0 epoch).
It's not just the up-front config change, it's the constellation of loaders and such around it. I assume this new project doesn't have a TypeScript loader, or an Elm loader, or a Polymer-specific loader.
The problem with Webpack is that it is not a JavaScript bundler. It is a JavaScript bundler creation toolkit. That’s great if you want to write a bundler. But it’s a huge waste of time if you just want to bundle your damn JavaScript.