MySQL Server 8.0 Installation Error: Database Initialization Failed

The configuration process is as follows:
\

1. Writing configuration file: The configuration file my.ini is saved.
   \
2. Updating Windows Firewall rules: Windows Firewall rules are added to allow incoming connections on ports 3306 and 33060 for MySQL.
   \
3. Adjusting Windows service: Filesystem permissions are granted to the 'NT AUTHORITY\NetworkService' account and a new service is added.
   \
4. Initializing database: MySQL Server is started with the --initialize-insecure option to initialize the database. However, an error occurs during initialization and the process fails.
   
   The configuration steps are performed sequentially, with each step dependent on the successful completion of the previous step. In this case, the initialization of the database fails, indicating a problem with the designated data directory.