indeed it does not matter whether it's a (to us unknown) position sensor or any other I2C compatible slave device.
The MCP can handle standard I2C communication.
For this the manufacturer provides datasheet, software tools, development modules....
Please go through these informations, then please ask what exactly you need to know.
I did an internet search "MCP2221 python". Got several thousand hits.
On the fisrt page of hits there is the one that FenTrac refers to.
Several hits talk about different libraries.
Several discussions, several examples...even a youtube video.