Update: It was the LED on the load that dropped the voltage.
I have problem measuring the voltage of signal from common-source N-MOSFET switch. Everything including o-scope is grounded and there is no way to decouple them. Obviously I cannot put o-scope between vcc and vout, as it will have constant a 5V one way (Vout connected GND), and fry the circuit the other way (Vcc connected to GND).
So I connected the probe to Vout and grounded to nearest point. It gives a reversed signal when there is a load (1k Ohm), but the amplitude is only 3.4V. The Vcc is accurate 5V from bench PSU at cv mode. MOSFET is IRLZ34N.
simulate this circuit – Schematic created using CircuitLab