In my opinion, the best way to strengthen that pinky is through proper technique. "Strength" in bass playing is structural, not muscular. It is about keeping your hands relaxed and applying proper leverage.
One of the best exercises to practice good leverage and relaxation is to play lots and lots of octaves. For example, next time you practice your 12 major scales, play them as octaves instead of single notes. Use your 1st finger for the root and 4th finger for the octave.