Hello,
That is most likely due to E0504 not supporting MySQL 8.0 yet - 7.3 E0705 is the first version to support it, but it no longer supports older RHEL before 7.x. Considering this, and that you are going from an old RHEL and MySQL system to a much newer one, it looks like you will need to migrate twice. It would look like this:
1. Upgrade your old iMC installation to E0605 version, as that still supports RHEL 5.5.
2. Set up a temporary system with RHEL 7.x and MySQL 5.6 running iMC 7.3 E0605, and migrate to this system.
3. Upgrade the temporary system from 7.3 E0605 to E0705. Now MySQL 8.0 is supported.
4. Make sure your final system has iMC 7.3 E0705 running with MySQL 8.0, and migrate from the temporary system. MySQL should upgrade the DBs as needed during the restore.
Hope that makes sense. Let me know if you have any questions.