Under the Many Worlds Interpretation, the observations we could explain in terms of waveform collapse are due to entanglement decoherence. The argument for Many Worlds is that since our observations can be explained[1] in terms of other well understood properties of quantum systems that we even have equations defining, there's no need for this "waveforms collapse" hypothesis that isn't even mathematically where we don't have any equations that tell us when it occurs.

The idea, if you're not familiar with it, is that when a photon hits a partial mirror part of the waveform goes one way and part goes another way. When scientists conduct an observation of the photon they become entangled with it, and similarly there are two sections to the scientist+photon waveform. But because the mass of the waveform is now really humongous, you aren't going to be able to observe quantum effects the way you do with a single photon.

[1] Except that alone doesn't tell us where Bode statistics come from.

What I mean is it does not collapse "all by itself", rather, it needs environmental interference in order to "collapse" from the observer's point of view. In the view of the many-worlds theory, though, it never really collapses, only appears to from the observer point of view, due to environmental interference.