The counter argument is that the encrypted hard drive is like a locked filing cabinet in your house, which can be searched if a proper warrant is obtained.
One could also say an encrypted hard drive is like the GPS location of a coffin containing a dead body. Can the authorities compel you to reveal the GPS coordinates of the body? If you deny any knowledge or reveal that you "forgot" the coordinates, could you be compelled to provide access to the evidence? What about GPS coordinates to a stash of drugs? At what point does revealing incriminating information become protected by the 5th amendment?