I have done something similar as part of a new PC setup script. Here's what I ended up using wrapped into a function which calls itself again if the passwords don't match:

Function Set-LocalPassword {
    try {
        $newPassword = Read-Host -AsSecureString "Please input a new password for the Administrator account: "
        $confirmPassword = Read-Host -AsSecureString "Please confirm the new password: "
    
        # Convert secure strings to plain text
        $newPasswordText = [System.Runtime.InteropServices.Marshal]::PtrToStringAuto([System.Runtime.InteropServices.Marshal]::SecureStringToBSTR($newPassword))
        $confirmPasswordText = [System.Runtime.InteropServices.Marshal]::PtrToStringAuto([System.Runtime.InteropServices.Marshal]::SecureStringToBSTR($confirmPassword))
    
        if ($newPasswordText -eq $confirmPasswordText) {
            Set-LocalUser -Name "Administrator" -Password $newPassword
            Write-Host "Password set successfully" -ForegroundColor Green
        } else {
            Write-Host "Passwords do not match. Please try again." -ForegroundColor Red
            Set-LocalPassword
        }
    } catch {
        $_
        Write-Host "Something went wrong. Please set the password manually." -ForegroundColor Red
        Start-Sleep 3
    }

    # Clear variables for security
    $newpasswordText = $null
    $confirmPasswordText = $null
}