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Nowadays, it's expected and often necessary for both people in a relationship to work full-time and have a career if they want to maintain a decent living standard. No time or money for having kids.
I'm sure there are other factors too, but this is a big one for sure.
Just looking at my family, both my parents had a stay at home mom and 3 siblings. Me and all my cousins have at most 1 sibling, with both our parents working but we always had two grandmas that could watch us if needed.
Had I kept the same timetable as my parents, my hypothetical kids would have had not just both parents working full time, but all grandparents too!
I agree I suspect this is a big one. 100% two income families are going to have less kids, and less time, and more income (hence as countries get richer they have fewer children)
But a career is less and less a woman's choice and more and more it's a requirement.
If average families could get by on one income with a decent standard of living I'm sure more women would decide to stay at home or work part time. I know at least one that would anyway..