flux2: [Gitlab] flux bootstrap fails for personal projects if they already exist

When I try to update my flux v2 installation using the bootstrap command it fails with an error from gitlab:

failed to create project, error: POST https://gitlab.com/api/v4/projects: 400

I use the below bootstrap command to install / update flux v2, which worked until now:

ubuntu@srv1:~$ cat install-flux.sh 
curl -s https://toolkit.fluxcd.io/install.sh | sudo bash

export GITLAB_TOKEN=???????????????

flux bootstrap gitlab \
  --owner=isnull \
  --repository=myrepo \
  --branch=master \
  --path=k8 \
  --token-auth \
  --personal

Executing the flux bootstrap yields the error:

ubuntu@srv1:~$ sh install-flux.sh 
[INFO]  Downloading metadata https://api.github.com/repos/fluxcd/flux2/releases/latest
[INFO]  Using 0.7.4 as release
[INFO]  Downloading hash https://github.com/fluxcd/flux2/releases/download/v0.7.4/flux_0.7.4_checksums.txt
[INFO]  Downloading binary https://github.com/fluxcd/flux2/releases/download/v0.7.4/flux_0.7.4_linux_amd64.tar.gz
[INFO]  Verifying binary download
[INFO]  Installing flux to /usr/local/bin/flux
► connecting to gitlab.com
✗ failed to create project, error: POST https://gitlab.com/api/v4/projects: 400 {message: {limit_reached: []}, {name: [has already been taken]}, {path: [has already been taken]}}

Sys info:

ubuntu@srv1:~$ flux check
► checking prerequisites
✔ kubectl 1.20.2 >=1.18.0
✔ Kubernetes 1.19.5-34+8af48932a5ef06 >=1.16.0
► checking controllers
✔ source-controller is healthy
► ghcr.io/fluxcd/source-controller:v0.5.6
✔ kustomize-controller is healthy
► ghcr.io/fluxcd/kustomize-controller:v0.5.3
✔ helm-controller is healthy
► ghcr.io/fluxcd/helm-controller:v0.4.4
✔ notification-controller is healthy
► ghcr.io/fluxcd/notification-controller:v0.5.0
✔ all checks passed

Maybe some Gitlab project api change caused this?