Fable 5 is assumed to be a larger model.
It seems plausible to me that RL improvements allowed Anthropic to improve on Opus 4.8, similar to how OpenAI substantially improved upon GPT 5.5 with 5.6 Sol.
Fable 5.1 and GPT-6 are rumored to launch in August, presumably bringing those improvements to the larger models.
An Anthropic "leak" back in March said that "'Capybara' is a new name for a new tier of model: larger and more intelligent than our Opus models — which were, until now, our most powerful". A second version of the leak had it referring to Claude Mythos rather than Capybara.
I don't know how systematic Anthropic are about their versioning - I'd have guessed that major version number increases (4.x -> 5.x) reflect different base models (different pre-training runs), in which case Opus 5 would be a distilled version of the Fable 5 base model (but without the cyber exploit post-training), rather than being Opus 4.8 with additional post-training, but who knows? I don't believe Anthropic have said anything about this.
I think these versions are largely about marketing and what image they want to project. Bumping the major version indicates/suggests that it's a bigger change in user value. I don't think the technical details matter here for deciding the versioning.
I think that's part of it too - and I seem to recall someone from one of the labs saying as much about some past model ("it felt more like an 0.5 version increase"). OTOH it would seem odd to me if the "version 5" models weren't related and Opus 5 was Opus 4.8 with some additional post-training rather than coming from the same base model as Fable 5.