Rewriting to e.g. SHA-3 would therefore break a lot of references all over the place. Some can be rewritten automatically, some can't (e.g. commit IDs manually entered into commit messages).
Fortunately it's only becoming possible for attackers to create pairs of messages that have the same SHA1 hash; an attacker still can't create a collision between a message of their choosing and an arbitrary SHA1 hash, and that type of attack is probably a long way off. But that's not much safety margin!
https://github.com/cgwalters/git-evtag
https://github.com/nodejs/node/issues/7579
I personally think it's overkill
I don't describe it in that post unfortunately, as I still consider the git tree "rehashing" support to be alpha-level, but I'll look into git-evtag.