macOS Monterey introduced AirPlay Receiver running on port 5000. This prevents your web server from serving on port 5000. Receiver already has the port.
You can either:
- turn off AirPlay Receiver, or;
- run the server on a different port (normally best).
Turn off AirPlay Receiver
Go to System Preferences → Sharing → Untick Airplay Receiver.

See more details
You should be able to rerun the server now on port 5000 and get a response:
python3 -m http.server 5000
Serving HTTP on :: port 5000 (http://[::]:5000/) ...
Run the server on a different port than 5000
It’s probably a better idea to no longer use port 5000 as that’s reserved for Airplay Receiver on macOS Monterey.
Just to run the server on a different port. There isn’t any need to turn off Airplay Receiver.
python3 -m http.server 4999
or
export FLASK_APP=hello
flask run -p 4999