The wavefunction of a particle evolves with time in a manner strictly defined by the Schrodinger equation and the local environment. The wavefunction can become very complicated (e.g. a photon trapped in an odd-shaped box) and thus contain a lot of information about the local environment. When the particle is 'detected', the wavefunction collapses and it seems like almost all that information disappears (e.g. 'detection' might be just a single atom that is moved to an excited state and recoils - which can be very simply described) .
There seems no doubt the wavefunction can contain lot of information. This could be revealed by taking series of repetitive measurements and mapping out the wavefunction and figuring out the details of the environment that caused it to take that particular shape. This information is lost when the wavefunction collapses. But isn't loss of information akin to a decrease of entropy?