The word 'incorrect' is not the correct one to use. Astronomers have been toiling for over a century to set up a set of distance calibration techniques that span the observable universe. It begins with the 'stellar parallax' technique based on the fact that when the Earth moves in its orbit, the positions of nearby stars oscillate from side to side as our perspective changes from one side of the orbit to the other every 6 months. With this, and careful multi decade studies, astronomers have determined the parallaxes to thousands of stars to a precision of from 10 percent in the nearby stars to perhaps 50 percent for stars as far away as 300 light years. To go farther we use several independent techniques, but none is better than the Cepheids for spanning the intergalactic distances.
Around the turn of the century, Cecilia Gaposhkin discovered that cepheid stars in the Magellanic clouds ( all at about the same distance) varied in brightness with periods that depended on how bright they were in relation to each other. This meant that their periods depended on their Absolute Luminosity ( watts of power ) since they were all at essentially the same distance from the Earth. Since then, there has been a lot of work on narrowing the various sources of observational error in using this 'period vs luminosity' relation, but it has all hinged on determining the true absolute magnitudes of Cepheids. Fortunately, there are about 50 Cepheids close enough to get their parallax measured, and this is what the Hipparchos satellite was designed to do. From independent techniques, the distances to these Cepheids was determined, but parallax is always the simplest and most direct way to get distances unambiguously. As a result ,Hipparchos was able to determine the distances to enough Cepheids to nail down the absolute luminosities of them, and thereby improve our measure of their distances to better than 10 percent. They are now about 10 percent farther away than previously determined before Hipparchos, and this increase propagates all the way up the line to the very Cepheids used by the Hubble Space Telescope teams to measure Hubble's constant. The result is that the universe is now slightly bigger and older, and this helps mitigate SOME of the problem of having stars seemingly older than the universe!