The main reason this error occurs is that the game is not updated. But the update option might not show up for some reason. You will need to prompt that update pop up.
How to Fix NBA 2K22 Error Code 4b538e50
Step 1: Open your game.
Step 2: Go to the Features section.
Step 3: Now watch the whole credits part.
Step 4: After some time the updates required message will show up.
Step 5: Once the message prompts, you can go back to the main menu and the game will start updating.
Step 6: The game will be updated, and you will be in the lobby in no time.