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A new label often comes with different producers, engineers, and studio environments, which can dramatically shift how an album sounds even if the artist's voice stays the same. They might also have more or less creative control - some labels push artists toward a particular sound to fit their market strategy, while others give them freedom to experiment.
Have you noticed how much of it comes down to money and creative control though? The production side matters for sure, but honestly the bigger shift happens when a major label starts demanding commercial appeal or limits what the artist can actually make. Sometimes it's not that the studio sounds different - it's that the artist themselves gets pushed in a direction they didn't want to go, or conversely, they finally have the budget to realize their actual vision instead of making do with what they had before!
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