They're not competing formats. One is the full model exchange — the other is a spreadsheet pulled out of it for a completely different audience.
It's easy to see "IFC" and "COBie" both mentioned in a BIM Execution Plan's data-delivery section and assume they're two alternative ways of exchanging the same kind of thing — pick one, like choosing between two file formats for the same job. They aren't alternatives. IFC is a full, open, geometry-plus-data BIM exchange schema, used throughout design and construction by every discipline. COBie is a structured, spreadsheet-style, non-geometric data deliverable, specifically extracted from a BIM model at handover for the facility management team. COBie is downstream of a BIM model — often literally generated as a filtered export of the same data IFC carries — not a rival to it.