Likelihood to survive seems like a good explanation.
25% of pregnancies end in miscarriage. Miscarriage is common and (at least in the culture I'm familiar with) causes grief, but nowhere near the same kind of grief as losing a born child. The hospital procedure is routine and not attended with the same kind of reverence as death usually is. I think it's because miscarriage is so common that it's not generally considered to have the same gravity as death. I don't even know if there's research being done to reduce miscarriage. (If 25% of humans died of a given disease, you can bet we'd be researching it.)
I think that in point of social fact fetuses aren't granted the same status as babies, even among pro-life people.
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If you want to talk about "ancestral environment," then note that infanticide is quite common in many cultures, as far as I can tell including hunter-gatherers.
variation in SIDS across socio-economic spectrum suggest infanticide is quite common in our culture.