There are, broadly, three kinds of interpretations of what's 'really' going on behind the scenes:
1. Collapse - The world exists in an indeterminate state until observation occurs, when the world collapses into one a single determinate state. The probabilities of quantum mechanics map onto the the different parts of the unobserved indeterminate state.
2. Many Worlds - Quantum phenomena cause the world the branch into multiple worlds. The probabilities of quantum mechanics represent the 'share' of reality that branches in each direction.
3. Hidden variables - The probabilities of quantum mechanics are artifacts of our inability to know all the relevant variables. Measurement necessarily involves causal contact, and causal contact will always disturb some of the relevant variables in unpredictable ways. It would be cool if we could observe what goes on when measurement occurs, but to do that would require measurement! So we're stuck with hidden variables.
The public tends to hear the collapse interpretation most often. Physicists tend to like the many worlds interpretations. Philosophers of science tend to like the hidden variables interpretation, because the other options require an incoherent metaphysics. (I'm a Philosophy PhD student.)
People say that the hidden variables interpretation is ruled out on experimental grounds, but this is demonstrably false. Experimental data shows that hidden variables, if they exist, violate locality:
Locality - Causal interaction is a local phenomena. No action at a distance.
So long as you're willing to abandon locality, hidden variables can work. Given that the other two interpretations posit equally weird things, abandoning locality won't seem so weird.
For more on this, see Tim Maudlin's excellent paper, "Three Measurement Problems"
https://www.academia.edu/32885328/Three_measurement_problems