The obvious factor is increased wealth - this tends to be backloaded, thus there is a benefit from greater available income to spend on a child, whether this is in the form of better nutrition, better education, greater parental availability (not universally going to increase with age, but the option is more easily there for a well off father vs a father just making ends meet)
Other factors may be less clear, less universal and probably not so widely agreed: things such as an older father potentially having a child with fewer siblings or being more settled (in a maturity sense).
And finally, it would be interesting to look at this in a two generation scale: what of children born to young fathers but where those fathers themselves had older fathers? Is the effect passed on or does it get reset?