Exploring Baseball Data with R looks at the reasons behind the 2020 home run rate. The rate is down a bit compared to 2019, but still high compared to recent years. The take away is that the manufacturers appeared to have solved the low drag problem:

What we see is the 2020 ball is somewhat consistent with the 2015 and 2016 balls, but it is clearly less lively than the 2017 and 2019 balls, but more lively than the 2018 ball.

There’s more drag, but batters compensated for that:

But the players continue to hit balls hard and the the rate of of “good” or “barrel” batted balls has shown a consistent rise over the Statcast period. 

I find this adjustment fascinating. For years, teams employed defensive shifts that hurt certain batters. They could not adjust to trying to take the ball the other way. Yet, changing the angle of a swing to launch the ball at a different angle seems relatively easy. I think it would be a really great piece for MLB Network or Baseball Tonight to have a slugger show the differences in adjustments to going the other way to simply changing the launch angle.