The no. of crossovers used are dictated by the choice or design of the drivers used in the IEM.
Many IEMs run on a single driver handling the full-frequency range (I.e. no crossover). However, there is no one single driver that can handle the whole frequency spectrum well - material resonances will come into play affecting certain frequencies, etc., and such IEMs are accordingly compromised by the limitations of the chosen single driver; e.g. shelved down treble and bass, phase anomalies, etc.
Applying multi-driver set-ups such as those employed in 2 or 3-way IEMs allows the designer to cherry pick different drivers for their best characteristics, i.e. a particular driver for its treble character, and diff. drivers for their bass and midrange character.
A crossover's function is to electronically split a music signal into a range of frequency spectrums that will fit to the selected drivers operating range. Accordingly, the no. of crossovers are dictated more by the designers choices of drivers rather than the no. of drivers used.
In the case of the Shure, it would appear that one driver handles the mid-to-HF duties, and the other 2 drivers handle the LFs, hence the crossover being 2-way.