Class D amplification has come on leaps and bounds. You can achieve a much greater amount of power from a much smaller package.
And as the other commentator points out, power storage is much more dense now with lithium batteries as opposed to the old NiCads.
You should also consider that small speakers can also be made much cheaper now so what would have been prohibitively expensive back then is much easier to do now. This can include more efficient speakers designs, including ones with neodymium magnets that are more sensitive (louder for a given amplification).
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