Loop group representations. This is the analogue of $G$-equivariant K-theory having something to do with the representation theory of $G$. One picture of tmf whose accuracy I can't comment on is that it should look at least a bitheuristically like $K(ku)$, the cohomology theory presented by (Bass-Dundes-Rognes) 2-vector bundles. So $G$-equivariant tmf should at least look a bitheuristically like something presented by $G$-equivariant 2-vector bundles, which over a point should at least look a bitheuristically like representations of $G$ on (suitably dualizable) 2-vector spaces.
Whatever that means, such a thing ought to have a "character" which, rather than being a class function on $G$, or equivalently a function on the adjoint quotient $G/G$, is instead an equivariant vector bundle on $G/G$. Now $G/G$ looks at least morallyheuristically like the classifying stack $BLG$ of the loop group of $LG$, and hence an equivariant vector bundle on $G/G$ looks at least morallyheuristically like a representation of $LG$. Freed-Hopkins-Teleman makes this precise. The non-equivariant version of this story is theWitten's story about tmf having something to do with ($S^1$-equivariant?) K-theory of the free loop space $LX$.
The historical motivation for generalizing this to $2$-dimensional conformal rather than topological field theories is, I think, to explain the modularity properties of the Witten genus?. But again, don't trust me to have the specifics right here. (I guess it's $2$-dimensional topological rather than conformal field theories over $X$ that look more like $2$-vector bundles.)