Cannot Reset MySQL password
Because no errors are shown (But this 2021-01-01T09:15:45.594^C297 does not look OK!), you should proceed with the next step as shown in the procedure.
Do a check if your password is changed.
If your password is not changed, please create a simple init-file (i.e. the same as is suggested in step 3), and try again.
If your password is changed, then do not forget to delete the init-file.
EDIT
:  I did a reset of my 'root' password following the procedure.
All output of this session is here, with some NOTE's in between:
First we notice that we do not know the password:
C:\Program Files\MySQL\MySQL Server 8.0&gt;mysql -u root -p
Enter password: *******
ERROR 1045 (28000): Access denied for user 'root'@'localhost' (using password: YES)

C:\Program Files\MySQL\MySQL Server 8.0&gt;

Then a mysql-init.txt file is created:
C:\Program Files\MySQL\MySQL Server 8.0&gt;type mysql-init.txt
ALTER USER 'root'@'localhost' IDENTIFIED BY 'MyNewPass';

Then we stop the MySQL server. My server is name MySQL80, but you can also stop it from the services window (more details here)
C:\Program Files\MySQL\MySQL Server 8.0&gt;net stop MySQL80
The MySQL80 service is stopping.
The MySQL80 service was stopped successfully.

Password reset with:

Note the double \\ in the path names, and the &quot; surrounding the complete path
My default settings for MySQL are located here &quot;D:\MySQL Server 8.0\my.ini&quot;, this is almost sure different at your location

    C:\Program Files\MySQL\MySQL Server 8.0&gt;bin\mysqld.exe --defaults-file=&quot;D:\\MySQL Server 8.0\\my.ini&quot; --init-file=&quot;C:\\Program Files\\MySQL\\MySQL Server 8.0\\mysql-init.txt&quot; --console
    2021-01-01T18:51:09.333120Z 0 [Warning] [MY-010915] [Server] 'NO_ZERO_DATE', 'NO_ZERO_IN_DATE' and 'ERROR_FOR_DIVISION_BY_ZERO' sql modes should be used with strict mode. They will be merged with strict mode in a future release.
    2021-01-01T18:51:09.333840Z 0 [System] [MY-010116] [Server] C:\Program Files\MySQL\MySQL Server 8.0\bin\mysqld.exe (mysqld 8.0.22) starting as process 21888
    2021-01-01T18:51:09.341869Z 1 [System] [MY-013576] [InnoDB] InnoDB initialization has started.
    2021-01-01T18:51:09.908748Z 1 [System] [MY-013577] [InnoDB] InnoDB initialization has ended.
    2021-01-01T18:51:10.083573Z 0 [System] [MY-011323] [Server] X Plugin ready for connections. Bind-address: '::' port: 33060
    2021-01-01T18:51:10.143779Z 0 [Warning] [MY-010068] [Server] CA certificate ca.pem is self signed.
    2021-01-01T18:51:10.144078Z 0 [System] [MY-013602] [Server] Channel mysql_main configured to support TLS. Encrypted connections are now supported for this channel.
    2021-01-01T18:51:10.192745Z 0 [System] [MY-010931] [Server] C:\Program Files\MySQL\MySQL Server 8.0\bin\mysqld.exe: ready for connections. Version: '8.0.22'  socket: ''  port: 3306  MySQL Community Server - GPL.

Now the server is started with output to console, to stop the server type CTRL+C:
2021-01-01T18:51:20.697066Z 0 [System] [MY-013105] [Server] C:\Program Files\MySQL\MySQL Server 8.0\bin\mysqld.exe: Normal shutdown.
^C
C:\Program Files\MySQL\MySQL Server 8.0&gt;2021-01-01T18:51:21.447960Z 0 [System] [MY-010910] [Server] C:\Program Files\MySQL\MySQL Server 8.0\bin\mysqld.exe: Shutdown complete (mysqld 8.0.22)  MySQL Community Server - GPL.

We start the server again, the normal way (or via services):
C:\Program Files\MySQL\MySQL Server 8.0&gt;net start mysql80
The MySQL80 service is starting.
The MySQL80 service was started successfully.

And we try to logon:
C:\Program Files\MySQL\MySQL Server 8.0&gt;mysql -u root -pMyNewPass
mysql: [Warning] Using a password on the command line interface can be insecure.
Welcome to the MySQL monitor.  Commands end with ; or \g.
Your MySQL connection id is 8
Server version: 8.0.22 MySQL Community Server - GPL

Copyright (c) 2000, 2020, Oracle and/or its affiliates. All rights reserved.

Oracle is a registered trademark of Oracle Corporation and/or its
affiliates. Other names may be trademarks of their respective
owners.

Type 'help;' or '\h' for help. Type '\c' to clear the current input statement.

mysql&gt; alter user 'root'@'localhost' IDENTIFIED BY 'stackoverflow';

With this last command the password can be changed to 'stackoverflow'. I am sure any who read this can think of a better password.