THE inert pair effect is seen especially in groups 13 and 14 of the periodic table, in which the heavier elements tend to form compounds with a valency 2 lower than the expected group valency. It is used to account for the existence of thallium(I) compounds in group 13 and lead (II) in group 14. In forming compounds, elements in these groups promote an electron from a filled s-level state to an empty p-level. The energy required for this is more than compensated for by the extra energy gain in forming two more bonds. For the heavier elements, the bond strengths or lattice energies in the compounds are lower than those of the lighter elements. Consequently the energy compensation is less important and the lower valence states become favoured.(Copy and paste)
If carbon monoxide were wholly ionic, then C2O2 would not exist.
Also the hybridization of the two carbon atoms in C2O2 is repulsive and thus makes the molecule unstable. But how strong can the inert-pair effect be on dicarbon dioxide?
See
inert pair effect, scroll down to failure.
Let me parse this out. As one may see from the wikipedia article, the inert pair effect does not seem to be a universally accepted principle, but no matter. Whether an inert pair effect is invoked or not, it is not providing any real explanation. That is, I don't find it different than simply saying that carbon monoxide is more stable than dicarbon dioxide. If there were a real bonding effect working, carbon monoxide should be part of a larger group of compounds or general principle. I do not find this to be the case, except perhaps at high temperatures in which decarbonylation reactions take place. See decomposition of pyruvic or oxalic acid. I could conclude the decomposition energies of pyruvic or oxalic acid is higher than dicarbon dioxide, but that would not explain why.
Re: ionic
There are four forces of nature, strong, weak, gravity, and electromagnetic. Chemistry is a result of electromagnetic forces, an inverse square force. Prototypical ionic bonds are simply long and weak bonds. However, you may not realize this as atomic theory suggests cations and anions are in contact. As a consequence, ions are given different radii depending on their charge.
I argue as follows. If HF (92 pm) ionizes, it ionizes to F(-) and H(+). The radius of H(+) is effectively zero, so the radius of F(-) may be thought to be ~92 pm (give or take a few pm). If two more protons were added to F(-), Na(+) would be the result and I predict a similar atomic radius (~90 pm). The bond length of NaF is 232 pm. I suggest there is a gap of ~50 pm between the ions. This gap results in a weak bond, and readily separable by water. One must be careful to not attempt to extrapolate bond strength from ionic properties. This would be similar to building a bridge out of toothpicks and using the bridge strength to measure the strength of a toothpick. The bridge will be much stronger than the sum of the toothpicks.
Furthermore, carbon monoxide is neutral. Shifting electrons or introducing formal charges does not make it ionic. Protons are positive and electrons negative. There is no net charge present. Any reaction of electrons is a measure of their availability or lack of protection by other atoms, such as a proton. If one were to compare hydronium, water, and hydroxide, the charge of oxygen is constant (+8). The difference is due to the protonation of the electrons surrounding the oxygen. Each protonation reduces the ease by which the remaining pair of electrons may react.
Re: hybridization
I am not sure I understand this argument. I know dicarbon dioxide is unstable. I can draw a perfectly fine Lewis structure for it. Since the equilibrium favors carbon monoxide, I can conclude the C=C bond is unstable. This is true whether I invoke hybridization, ionic character, or inert pair effect. Because another series of compounds has been presented with very similar characteristics, what remains is to explain why dicarbon dioxide should be different.
I think I would be more inclined to think carbon monoxide has a greater than expected stability. One can apply resonance theory or I'm sure someone has done a calculation to explain why it should be more stable. The properties that lead to its greater stability would seem to answer the instability of dicarbon dioxide. That is, I presume the stabilization of carbon monoxide would be reduced by the formation of a dicarbon dioxide molecule and reduce its stability. Then, oxalic or pyruvic acid might result in molecules of intermediate stability by being able to form a single carbon monoxide or carbon monoxide like intermediate. Again, the driving force being the formation of a carbon monoxide or oxygen stabilized carbenoid intermediate.