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I believe there are a number of factors. The shows are timed to be on when women are likely to be home alone or with young children. The shows are highly emotional and involve romance. The shows try to be a bit controversial or mysterious to keep interest, and they serve as a means for mostly women to socialize. All someone has to do is mention a major part of the plot, and they can easily find someone with something to add, and thus start a conversation around the show.
The shows are sponsored by companies which produce products that women use. That is how they got the name "Soap Operas." A majority of the sponsors produce soap-based products, whether for hands, clothes, dishes, the body, or hair.
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