Thanks d00p! But I tried what you outlined and had the same outcome, these were the commands I used:
root@hosting:/# mysql -u root -p
Welcome to the MySQL monitor. Commands end with ; or \g.
Your MySQL connection id is 14
Server version: 5.7.30-0ubuntu0.18.04.1 (Ubuntu)
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Type 'help;' or '\h' for help. Type '\c' to clear the current input statement.
mysql> update mysql.user set password=password('password') where user='root';
ERROR 1054 (42S22): Unknown column 'password' in 'field list'
mysql> update mysql.user set plugin='' where user='root';
Query OK, 1 row affected (0.00 sec)
Rows matched: 1 Changed: 1 Warnings: 0
mysql> flush privileges;
Query OK, 0 rows affected (0.00 sec)