promscale extension is installed but on an unsupported version: 0.7.0. Expected: >=0.5.0-alpha <0.5.99"

[KES777]

Follow instructions here:
https://github.com/timescale/opentelemetry-demo/blob/main/workshop.md

...
$ docker compose up --detach
...
$ docker ps
... Restarting (1) 30 seconds ago
...
$ docker logs -f opentelemetry-demo-main-promscale-1

level=info ts=2022-10-12T05:58:56.747Z caller=runner.go:80 config="{ListenAddr::9201 ThanosStoreAPIListenAddr: OTLPGRPCListenAddr:0.0.0.0:9202 PgmodelCfg:{CacheConfig:{SeriesCacheInitialSize:250000 seriesCacheMemoryMaxFlag:{kind:0 value:50} SeriesCacheMemoryMaxBytes:6604254412 MetricsCacheSize:10000 LabelsCacheSize:10000 ExemplarKeyPosCacheSize:10000} AppName:promscale@0.11.0 Host:localhost Port:5432 User:postgres Password:**** Database:timescale SslMode:require DbConnectionTimeout:1m0s IgnoreCompressedChunks:false AsyncAcks:false WriteConnectionsPerProc:1 MaxConnections:-1 UsesHA:false DbUri:**** EnableStatementsCache:true} LogCfg:{Level:info Format:logfmt} TracerCfg:{OtelCollectorEndpoint: OtelCollectorTLSCertFile: OtelCollectorTLSKeyFile: JaegerCollectorEndpoint: SamplingRatio:1} APICfg:{AllowedOrigin:^(?:.*)$ ReadOnly:false HighAvailability:false AdminAPIEnabled:false TelemetryPath:/metrics-text Auth:0xc0003c6fa0 MultiTenancy:<nil> Rules:<nil>} LimitsCfg:{targetMemoryFlag:{kind:0 value:80} TargetMemoryBytes:13208508825} TenancyCfg:{SkipTenantValidation:false EnableMultiTenancy:false AllowNonMTWrites:false ValidTenantsStr:allow-all ValidTenantsList:[]} PromQLCfg:{EnabledFeatureMap:map[] PromscaleEnabledFeatureList:[tracing] MaxQueryTimeout:2m0s SubQueryStepInterval:1m0s LookBackDelta:5m0s MaxSamples:50000000 MaxPointsPerTs:11000} RulesCfg:{NotificationQueueCapacity:10000 OutageTolerance:1h0m0s ForGracePeriod:10m0s ResendDelay:1m0s PrometheusConfigAddress: PrometheusConfig:<nil>} TracingCfg:{MaxTraceDuration:1h0m0s} ConfigFile:config.yml DatasetConfig: TLSCertFile: TLSKeyFile: ThroughputInterval:1s Migrate:true StopAfterMigrate:false UseVersionLease:true InstallExtensions:true UpgradeExtensions:true UpgradePrereleaseExtensions:false StartupOnly:false}"
level=info ts=2022-10-12T05:58:56.833Z caller=extension.go:246 msg="using a higher extension version than expected" extension_name=promscale current_version=0.7.0 expected_version=0.5.4
level=error ts=2022-10-12T05:58:56.856Z caller=runner.go:116 msg="aborting startup due to error" err="migration error: failed to install/upgrade promscale extension: error encountered while migrating extension: problem checking promscale extension version: promscale extension is installed but on an unsupported version: 0.7.0. Expected: >=0.5.0-alpha <0.5.99"

docker logs -f opentelemetry-demo-main-jaeger-1

{"level":"info","ts":1665554401.5248294,"caller":"channelz/logging.go:50","msg":"[core]Channel Connectivity change to CONNECTING","system":"grpc","grpc_log":true}
{"level":"warn","ts":1665554401.5551305,"caller":"channelz/logging.go:75","msg":"[core]grpc: addrConn.createTransport failed to connect to {promscale:9202 promscale:9202 <nil> <nil> 0 <nil>}. Err: connection error: desc = \"transport: Error while dialing dial tcp: lookup promscale on 127.0.0.11:53: no such host\"","system":"grpc","grpc_log":true}
{"level":"info","ts":1665554401.5551865,"caller":"channelz/logging.go:50","msg":"[core]Subchannel Connectivity change to TRANSIENT_FAILURE","system":"grpc","grpc_log":true}
{"level":"info","ts":1665554401.5552151,"caller":"grpclog/component.go:71","msg":"[core]pickfirstBalancer: UpdateSubConnState: 0xc00021eb00, {TRANSIENT_FAILURE connection error: desc = \"transport: Error while dialing dial tcp: lookup promscale on 127.0.0.11:53: no such host\"}","system":"grpc","grpc_log":true}
{"level":"info","ts":1665554401.555227,"caller":"channelz/logging.go:50","msg":"[core]Channel Connectivity change to TRANSIENT_FAILURE","system":"grpc","grpc_log":true}
{"level":"info","ts":1665554403.7886696,"caller":"channelz/logging.go:50","msg":"[core]Channel Connectivity change to SHUTDOWN","system":"grpc","grpc_log":true}
{"level":"info","ts":1665554403.7887235,"caller":"channelz/logging.go:50","msg":"[core]Subchannel Connectivity change to SHUTDOWN","system":"grpc","grpc_log":true}
{"level":"fatal","ts":1665554403.7887511,"caller":"./main.go:101","msg":"Failed to init storage factory","error":"grpc-plugin builder failed to create a store: error connecting to remote storage: context deadline exceeded","stacktrace":"main.main.func1\n\t./main.go:101\ngithub.com/spf13/cobra.(*Command).execute\n\tgithub.com/spf13/cobra@v1.3.0/command.go:856\ngithub.com/spf13/cobra.(*Command).ExecuteC\n\tgithub.com/spf13/cobra@v1.3.0/command.go:974\ngithub.com/spf13/cobra.(*Command).Execute\n\tgithub.com/spf13/cobra@v1.3.0/command.go:902\nmain.main\n\t./main.go:161\nruntime.main\n\truntime/proc.go:255"}

[dpennell]

I'm experiencing the same issue. (OSX 12.6 Monterrey)
@jgpruitt