We have thumb drives that can store petabytes of data?
Or did you mean the "big data" crowd which thought 500GB was noteworthy? I don't think anyone took those serious, neither in 2010s nor now. That was always "small" data
Most companies using term "big data" had datasets in TB region. One company I had a gig at had full Hadoop cluster setup and their whole dataset was 40GB. Their marketing had all the big data adjacent keywords over the brochures for clients.
To some degree IMO big data is still a mindset when it might take a day to process your data in a normal SQL query. Some tech doesn't scale to the data size for all use cases, and you need different solutions.