Webpack build failing with ERR_OSSL_EVP_UNSUPPORTED

[Reptarsrage]

I'm submitting a bug report

Node Version:
17.0.0

Webpack Version:
5.58.2

Babel Core Version:
7.15.8

Babel Loader Version:
8.2.2

Please tell us about your environment:
Windows 11

Current behavior:
Webpack build fails:

Module build failed (from ./node_modules/babel-loader/lib/index.js):
Error: error:0308010C:digital envelope routines::unsupported
    at new Hash (node:internal/crypto/hash:67:19)
    at Object.createHash (node:crypto:130:10)
    at filename (node_modules\babel-loader\lib\cache.js:94:23)
    at node_modules\babel-loader\lib\cache.js:120:39
    at Generator.next (<anonymous>)
    at asyncGeneratorStep (node_modules\babel-loader\lib\cache.js:3:103)   
    at _next (node_modules\babel-loader\lib\cache.js:5:194)
    at node_modules\babel-loader\lib\cache.js:5:364
    at new Promise (<anonymous>)
    at node_modules\babel-loader\lib\cache.js:5:97

Expected/desired behavior:
Webpack build should succeed with no errors

• If the current behavior is a bug, please provide the steps to reproduce and if possible a minimal demo of the problem along with a gist/jsbin of your webpack configuration.
  This happens after upgrading to latest node version 17.0.0.

• What is the expected behavior?
  WEbpack build should complete without errors.

• What is the motivation / use case for changing the behavior?
  The code should work on the latest node version.

[JLHwung]

Fixed in #918