It's not easily explained by things like immigration since it is also present (though less pronounced) even within families. The hypothesis I find most compelling is that IQ levels have "naturally" been declining for decades, but improvements in nutrition, education, etc were helping to offset, and even rise beyond, these declines. But as nutrition, education, etc reach the point of diminishing returns, the declines dominate.
[1] - https://www.sciencedirect.com/science/article/pii/S016028962...