Police can’t compel you to provide a combination to a lock (encryption key) to go on a fishing expedition, but if they KNOW the safe contains illegal contents then you can be held in contempt for not providing it (they already know it’s in there).
Without spending forever delving into the case record I can’t comment on whether they should really have a high enough certainty that the drive does contain CP, but the argument in this specific case does match our interpretation of the 5th amendment when it comes to physical locks.
This is a good argument WHY encryption is important, however. Backdooring crypto would allow law enforcement to fish through everything they want with wanton disregard for the fifth amendment, instead of needing to build up a suitable case for illegal acts being committed with standard investigatory techniques. This right here is how the system SHOULD work.