Essentially a carousel gives you a "second-bite" at your customer, i.e. the second image is a chance to convert those customers who haven't already been converted by the first image.
Imagine you have two images one which converts at 40% and one which converts at 20% - but each image converts completely different groups; by carouseling the images you could end up with 40%+20% conversion.
In practice you won't because of overlaps, drop-off from people who never see the second image, etc. but it's definitely possible to exceed the maximum conversion of an individual image.
(obviously you should A/B test for your circumstances)