It was hinted by another poster, but they're viscosity index improvers. They don't necessarily improve viscosity (since a particular number isn't necessarily better or worse), but the viscosity index - being how the oil resists thinning. Everything is just formulated to achieve a desired viscosity at operating temperature.
I'd think that a lot of newer "conventional" oils are using different basestocks than years ago and require less VII. These base oils are supposed to have a higher inherent viscosity index. Stuff like Group II and Group III, or even PAO and esters.
I thought that one reason for going to 5W-20 over 5W-30 was that often the VII would break down such that it ended up being close to a 5W-20 oil anyways, and it worked just fine. On top of that, I think a typical 5W-20 is actually thinner at non-winter temps than a 5W-30. The 5W number measures pumping at some subzero temperature. For a typical summer cold start, the Mobil 1 0W-40 I've got in my car is already thicker than the "conventional" 5W-20 in my wife's car.