I fear that it'd become something far from the "dead-simple configuration for non-python people" originally thought.
Given your app loading files a,b,c , the non-python person could open file "a", change the "foo" value and see no effects because in "c" there's "foo" too, and that's the one prevailing.
The other argument "against" your snippet is
not failing when a configuration value is missing: such need can be accomplished by app code and isn't in the realm of supplying a fast-and-simple way to provide configuration values.