The difference is 59 years and Moore's law. Specifically the size of transistors getting much much much smaller.

https://en.wikipedia.org/wiki/Moore's_law

Also the old drives were spinning disks (that's why they got the name "drives") and recorded information on a magnetic surface, it needed motors and everything. That 128G pen drive is just a chip or two, no moving parts at all.

Back in 1957, 5MB would have be considered a huge amount of storage.