Here's my guess. Most bows aren't tillered for three under, which requires a slightly less stiff lower limb. When drawn, the three under draw pulls the lower limb a little further vis-a-vis the upper limb. At release, the limbs don't reach the end of the shot at the same time, creating additional vibration in the limbs and string, thus increasing the noise. Even on bows that are tillered for three under, the drawing pressure on the bow is lower in relation to the bow's middle, likely causing the limbs to spring back more unevenly than if the finger pressure were a little higher. That's one of the reasons that folks find they need to nock considerably higher when they shoot three under.
Of course, where the fingers end up on the string in relation to the middle of the bow is also affected by how high the arrow shelf is above the center of the bow. It can range anywhere from one to two inches.