Skipping over major release versions for an in-place upgrade (i.e. using the same data files) is currently not supported. Any required changes to data files are performed as part of each major version upgrade.
If you want to perform an in-place upgrade from MongoDB 4.2 to MongoDB 5.0 you need to:
Per the MongoDB Production Notes, Ubuntu 20.04 is currently supported for MongoDB 4.4 and 5.0. Ubuntu 20.04 is a Long Term Support (LTS) Ubuntu release, so it won’t reach End-of-Life until April, 2025.
Status Code 62 suggests that the data directory defined in the /etc/mongod.conf file under the key storage->dbPath is not compatible with this version. In case you don’t need to keep the backup of your database, you can just erase the path specified in /etc/mongod.conf and then uninstall and reinstall the mongodb.
So the steps are:
sudo rm -rf /var/lib/mongodb ( considering /var/lib/mongodb is your data location )
sudo apt purge mongodb-org*
sudo apt install -y mongodb-org
In case you need to keep backup of your data, please make sure to copy data directory first.