The “bust” happened around 70,000 years ago, because of the explosion of the Toba supervolcano in Indonesia. The “boom” was 30,000 years later. 40,000 years ago probably correlates with the invention of boats/rafts (opening up the interiors of continents via rivers) and maybe improvements in hunting technology.
I'll put my money on some sort of climate warming.
Couldn’t have been rafts, more people would have survived the flood...