There is an additional problem where one of the two key principles for their estimates is
Avoid extreme confidence
If this principle leads you to picking probability estimates that have some distance to 1 (eg by picking at most 0.95).
If you build a fully conjunctive model, and you are not that great at extreme probabilities, then you will have a strong bias towards low overall estimates.
And you can make your probability estimates even lower by introducing more (conjunctive) factors.
There is an additional problem where one of the two key principles for their estimates is
If this principle leads you to picking probability estimates that have some distance to 1 (eg by picking at most 0.95).
If you build a fully conjunctive model, and you are not that great at extreme probabilities, then you will have a strong bias towards low overall estimates. And you can make your probability estimates even lower by introducing more (conjunctive) factors.