The vast majority of the noise is created by air turbulence in most instances, either by the blades or by obstruction. Some noise is generated by the bearings, particularly ball bearings, and some is generated by the rpm sensing circuitry in some fans. Impeller balance and materials also factor in. All this noise can be amplified by the case or heatsink acting as a sounding board, similar to the way stringed instruments work.
Panaflos, for example, use excellent blade design&balance, quiet high-tech sleeve bearings and no rpm sensing circuitry to achieve their results....
Some manufacturers obviously fudge the figures to tell you what they think you want to hear, or actually what you don't want to hear.... and total noise doesn't tell the whole story, frequency and waveform shape are important in determining the annoyance factor.