Some of the classes of interpretations of quantum mechanics are:
The Copenhagen interpretation, which holds that wavefunction collapse is objective, physical and probabilistic.
The Many-worlds interpretation, which holds that wavefunction collapse is not real, but instead the observed result of quantum systems 'sharing coherence' (decoherence) with the environment, acting as a larger quantum system that is entangled with the observer and thus producing the appearance of collapse, when in fact, the observer exists in one of many 'worlds' that exist as part of the larger quantum system.
There are also other less popular interpretations such as hidden-variable theories like De-Broglie-Bohm theory and consciousness causes collapse theories.
All of these interpretations exist to solve the measurement problem in quantum mechanics.
As for which is most likely, that is up for debate.
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