Error: 'Failed to retrieve the Drupal version in the requested VCS path' and 'Your Composer dependencies require a PHP version \">= 7.4.0\". You are running 7.3.27.'

Issue

Blocked by the error "Failed to retrieve the Drupal version in the requested VCS path". And you find an error like "Your Composer dependencies require a PHP version \">= 7.4.0\". You are running 7.3.27." buried in the logs.

Resolution

Try changing the composer.json back to something like

"require": {
    "php": ">=7.3",

Cause

The composer.json files requires PHP 7.4.