But the "current state" of the entire wavefunction doesn't necessarily contain very much information. You only get most of the complexity (solar flares, novels) if you look at subsystems of it.
I think the situation is exactly analogous to the Library of Babel in Borges' story. If someone sends you the entire library in the mail, they have given you zero bits of information. If they only send you a particular room of it you get more information, and narrowing it down to sending a particular book gives you more bits still.
It's the same with the multiverse. If we start out with the photon about to go through the half-silvered mirror, the state looks like |photon>⊗|me>, and then over time it evolves into
(1/√2)|photon went left>⊗|me observing left> + (1/√2)|photon went right>⊗|me observing right>
and the latter state contains no more information than the former one (you can run the time evolution backwards to recover the original state). However, if you restrict your attention and only consider one of the branches, e.g. |photon went right>⊗|me observing right>, then you have added (one more bit) of information. And most macroscopic processes can be explained "one branch at a time", since in practice decoherence means that there are no noticable interactions between branches. I think in the MWI this is the source of most complexity in the universe: not detailed information encoded in the initial state, and not objective collapse, but the bits of information you implicitly create if you only consider one branch of an experimental outcome.
I imagine the same thing happens in general: we start with some uniform soup (with ~zero information), in a bunch different MWI branches it self-gravitates slightly differently so we get a different set of galaxies and stars in each branch, then for each branch that has a planet, different quantum randomness may cause different intelligent life to develop, and eventually they may write different books. Of course, it's also possible that some small initial state gets magnified, as a separate mechanism, but that's the same in objective-collapse and MWI. The random bits created by objective collapse are the same same the ones you get by looking at particular branches in MWI.