The body of the rubber band guitar amplifies the sound waves, making them louder. The larger the body, the louder the sound. The shape of the body also affects the sound: a curved body produces a more mellow sound, while a flat body produces a brighter sound.
The type of wood used to make the rubber band guitar also affects the sound. Different woods have different densities and resonances, which can change the tone of the instrument.
Finally, the way you pluck the rubber band affects the sound. Picking the rubber band with your fingernail produces a sharper sound, while plucking it with your whole finger produces a softer sound. You can also create different sounds by varying the position of your finger on the rubber band.