Who said anything about 5 HP. These are 5 Gallon compressors, based on the size of the tank. The motors are 2 HP.
A compressor of this type falls outside the continuous use rule (less than 1 hour in 2, or less then 3 hours in 6), and so can be run at 100% circuit loading.
This is a Power Factor of .57. A/C compressors have notoriously poor Power Factor. (And it's not limited to domestic cooling, it's an industry wide problem)
A carefully applied PFC capacitor will bring the Amperage to the Air Compressor in line. We have a 2 HP 120 Volt (cast iron 2 stage) compressor, runs at 14 Amps. The Fluke says it's drawing 1600 Watts. (.95 Power Factor)
A 2 HP Compressor on a 15 Amp, 120 Volt circuit is quite plausible.