Everything worth knowing, nothing that isn't.
Sender ID not registered
In regulated markets the operator drops A2P traffic from sender IDs that aren't on the registry. The DLR typically reads as rejected. Registering the ID in that market clears the block.
Invalid or unreachable number
Numbers that are disconnected, ported, or roaming out of coverage fail at the network level. An HLR lookup before sending flags these so they don't count against your delivery rate or your bill.
Grey-route filtering
If your traffic is routed over a grey path, operator SMS firewalls silently discard it and you may see no receipt at all. Moving to a direct operator route restores delivery.
Encoding or content
A Unicode body submitted as GSM-7 (or the reverse) can be rejected or arrive garbled, and spam-like content or forbidden keywords are filtered. Read the DLR — 'rejected' versus 'expired' versus 'undelivered' points straight at the cause.