The volume of NWSL players signing loans or contracts in Europe is straightforward. Players need games. Parts of Europe are in a much better place than the US with COVID-19. While the Challenge Cup was an absolute success, NWSL didn't have a plan for fall. Players made their own.
Now the NWSL has a plan, but it came too late for a lot of players; transfer windows close, rosters fill up. Some would have stayed if there was a plan in place earlier. And even with regional play and precautions, would you rather work and travel in the US or abroad right now?
Don't forget that Europe has its act together enough (unlike the US) that UEFA will resume Euro qualifying in the fall. Because of US travel bans and quarantines, European players can't easily shuttle to and from the NWSL, further necessitating loans.
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