I've had two stress fractures and nearly gotten a third (or so maybe that means I did get a third, but it was minor). Each case is unique, but I think investigating them individually can yield important answers to an athlete.
1) I didn't run many miles in the off-season and tried to make up for it when the season started. I ran more miles than my body was prepared for and with more intensity. One day I was racing on hard dirt in spikes and my foot just refused to be elastic when getting slammed down so hard. Fracture. (Metatarsal on index toe stress fracture.)
2) I was enjoying a relatively good period of active rest in the summer and I was at the beach. I sprinted toward the ocean and fractured something before I even made it to the water's edge. This was not so much to do with impact, but the flexibility I was asking my foot to have propelling me through sand. (Some little bone under the lateral side of my foot.)
3) I ran a marathon in a somewhat soft shoe. The balls of my feet pressed into the soft insole and over the course of 26.2 miles my metatarsals were asked to flex a lot. I got through it okay, but felt tenderness there for a few weeks after at toe-off. (Metatarsal on middle toe nearly victim to a stress fracture.)
So, look at your cases and figure it out. For me, I know my metatarsals do okay in some sort of proportional continuum where firm midsole on grass is equal to semi-soft midsole on road and crossing any of the ingredients could lead to disaster.
I think it's erroneous to say high mileage is a primary factor. The problem occurs when I subject myself to a single or repetitive stress that my body just can't handle. Why my body or your body can't handle it is unique. For me it was once the case that my body was weak from overtraining, once probably weak from undertraining, and once just a bad choice of shoe for a road marathon.
As for "What actually causes the set backs occuring with high volumes of training?" What proof can you show me that runners at 30mpw suffer fewer injuries than runners at 100mpw? I'm constantly hearing BS from casual runners about what's holding them back at 30mpw when all the 100mpw people are banging these things out like pros.