Jekyll broken after upgrading Ubuntu/Ruby

I had the same issue. It's caused by ruby update in new Ubuntu. Just uninstall jekyll and install it again:

gem uninstall jekyll
gem install jekyll

In addition to the answer by @Piotr, I also had to uninstall and reinstall the gem bundler. That is, I ran,

gem uninstall bundler
gem install bundler
bundle

Only after this did bundle exec jekyll serve start to work again after my upgrade from ubuntu 18.04 to 20.04.