I've added a simple explanation right into the readme: "Essentially, you define your data structures and Baboon generates implementations for you. Then you define new versions, Baboon generates new versions of the structures, the conversions from old structure versions to new ones and forces your to provide conversions which cannot be derived automatically. Also it comes with extremely efficient tagless binary encoding for all your structures."
This thing can remove a lot of manual work and save your ass sometimes from the effects of incorrect migrations.
FWIW, even with the "simple explanation," I'll echo OP's statement that the README doesn't really explain what it is or what it's solving. "Generates new versions of the structures" might mean something really clear to you, but even the phrase "data modeling" is enough to trigger lots of conflicting baggage in my head. Also: it took awhile it realize it's for Scala. I initially assumed this was a Smithy-like competitor.
It looks neat (once I found your docs)! Show what it is and what it solves in your README! The structural inheritance is slick.