Why did the carboniferous period have so much atmospheric oxygen?
The Carboniferous was when the growth of woody plants took off. Non-plant life had not yet evolved the ability to consume lignins, the key chemical components that makes woody plants "woody". Lignins are rather hard to decompose. Despite high volcanic activity, carbon dioxide levels fell by a factor of over four during the Carboniferous, from over sixteen times preindustrial levels at the start of the period to less than four times preindustrial levels at the end of the period.

The end result was a gradual increase in oxygen levels and huge deposits of then non-digestible materials that eventually became coal.