The other difference was the Firewire did a lot more in that chip, basically offloading a lot of work from the CPU, so it was higher-performing and lower CPU usage.
USB was made mostly by Intel, and they intentionally made it "dumb" so that the CPU had more work to do, in order to push high-performance CPU chips. But of course, the big factor was that license cost, which made Firewire devices cost more, whereas USB was very cheap to implement.
Firewire could power a 2.5" spinning hard disk. (usb could not provide enough power)
You could hook two macs together with firewire, and turn one into a hard disk via target disk mode. (peer to peer)
Firewire could transfer video from cameras without dropping frames. (guaranteed bandwidth)
On the other hand, USB was always the cost king.
I believe there was a $1/chip royalty for firewire, and that limited its growth.
USB in practical terms has caught up.