MySQL 8.4+ : Set new password after new installation on CentOS Rocky Alma RHEL

MySQL 8.4 has a catch 22 situation where you can’t set a new password with mysqladmin anymore, because

So if you had an automated setup script that does something like this:

and wanting to lower the password verification level all results in

Why always so complicated, Oracle? Why always so hostile towards the user?

Anyhow.
Solution