You can cut it down but it still won't be feasible. Consider generating even just all possible 100x100 1-bit monochrome images. There will be 100 * 100 = 10000 bits per image, giving a total of 2^10000 possible images: about 1.995 * 10^3010 which is still way, way bigger than 10^80.

A 5MB JPEG image would have a much larger resolution and color pallete then this.

A 5MB JPEG corresponds to 12~16MP@24bpp, although many of the images would compress to the same result.