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Partly, it's because the earlier 5 volt standard was a result of the TTL technology which was the "standard" way of building logic circuits until the 1980s. Modern circuits use a MOS technology which can use a range of voltages.
The lower voltage was chosen mainly because the digital electronics can run faster with lower voltages. A key specification for digital circuits is the volts per nanosecond switching time - how long does it take for the output to change by one volt. If it takes 1 nano second to change by 1 volt, then using the 5 volt standard, it would take 5 nano seconds to change, with the newer 3.3volt standard it will take 3.3 nano seconds - 40% quicker. The lower voltage also produces less heat in the components.
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