tl;dr It's not just about observables not commuting. That states can be superposed, entangled etc. is also crucial.
Some computational problems can exist at different scales, such as sorting $n$ items, or choosing which path between $n$ cities is quickest. Given any such task, and a way of solving it called an algorithm, the time complexity of that algorithm quantifies how much it slows down as $n$ increases. For example, some ways of sorting take what we call $O(n^2)$ time, and doubling large $n$ quadruples the sort time, whereas otherwise only take $O(n\log n)$ time, and doubling $n$ barely doubles the timescale (were it not for the pesky $\log n$ factor, it would be mere doubling). Either way, it's not that expensive to sort a list. By contrast, the other problem I mentioned takes ages unless $n$ is very small, although just how much expensive a larger $n$ is depends on the algorithm used.
Quantum computing is known to allow us to reduce the time complexity of some problems by making available algorithms that classical computers cannot use. This is not known to be a general speed-up property of quantum computers.
Here's one example. Given a list of $n$ items, we're guaranteed exactly one has a desired property, and we can check each one. How do we find which it is? Classically, all we can do is go through them one by one, and that takes $O(n)$ time. Amazingly, quantum computers need only $O(\sqrt{n})$ time! Why?
The full details are here, but the gist is this: we prepare a superposition of all candidate answers in which they each have the same complex-valued coefficient, then we keep applying what can be thought of as rotations and reflections that shift the state by $2\arcsin\frac{1}{\sqrt{n}}$ radians, and once the overall shift approximates $\pi/2$ a measurement will almost certainly identify the correct candidate.
Superposition per se isn't always the crux of it, though: one possible outcome of it, entanglement, can also be crucial. A much harder example I won't discuss in detail is that exploiting entangled states allows quantum computers to factorize large positive integers faster than any known classical algorithm.