Laragon 5 currently does not support changing the password for MySQL8 in the GUI Menu. Here is how you do it.
For Laragon 5 with MySQL 8 with no password
Login to the laragon mysql from the console (Click the Terminal button on the Laragon GUI interface)
mysql -u root -p
Just hit enter when it prompts for password
Then to set the password, in this case, to "secret"
ALTER USER 'root'@'localhost' IDENTIFIED BY 'secret';
To go back to no password with MySQL8
ALTER USER 'root'@'localhost' IDENTIFIED BY '';