Migrate packaging setup from setup.py to pyproject.toml with updated config

[JDRanpariya]

Working towards better build tooling and developer experience #480, we have moved from setup.py and MANIFEST.ini to pyproject.toml for builds

There are few things I would like to ask,

1. I have chosen setup tools as build backend, do we have any preference for poetry or hatch?
2. currently I've copied dependencies from req.txt, every time we add new dep we add it to pyproject.toml and use pip-tools to generate new req.txt
3. we can simple build using pip install .
4. Can Maintainers verify that it works as intended??
5. Are there any plans to use poetry or hatch? I'm not exactly sure if we need them but I'm curious to have a discussion