Props cutting the air mostly. That is the reason, for example, the Mavic Pro Platinum and
Phantom 4 Pro are quieter when all you do is change the props to the low noise variants which you can see are shaped differently for reduced drag (lower noise, more efficiency). The other thing that affects it is the speed of the props. With smaller rotors, you need to spin them faster to generate the same lift as a larger rotor, all else equal. Smaller, faster, props = noisier or at the very least, higher pitched, which humans tend to perceive as louder.
The "low noise" props spin slower and have more surface area, so they get the same lift with slower RPM and less noise.
Changing the shape of the prop could theoretically reduce noise on the Air - the MP Platinum and
Phantom 4 Pro 2.0 props you will notice have special tips on them to reduce noise as they cut through the air. I'm not sure why the Mavic Air does not have these, but the advanced engineering that must go into drag, lift, RPM, motor load, etc. is above my head.