I think the huge increase in QOL is, in part, because on most weekends, 2 days is just barely enough to catch up on the shit you need to do but were deferring through the week, get things in order for the next week, take a quick breath, and then dive straight into the next work-week. It's barely even time off. It also means you can't travel anywhere (to visit family, just a short vacation, whatever) and have a whole day away that's not also a travel day, unless you leave late on Friday and aren't going far.
A three-day weekend mean you can usually get at least one actual day off most weeks, versus an average of nearly zero entire or almost-entire days off with a two-day weekend. It also opens up a ton more options for short get-aways, and leaves more room for recovery and relaxation after any activities you engage in, making the whole thing far more relaxing and cutting out some of the urgency.