As the EM waves travel in free space
It is possible to imagine a signal spreading out from a transmitter. It will move away from the source spreading out in the form of a sphere. As it does so, the surface area of the sphere increases. As this will follow the law of the conservation of energy, as the surface area of the sphere increases, so the intensity of the signal must decrease.
As a result of this it is found that the signal decreases in a way that is inversely proportional to the square of the distance from the source of the radio signal in free space, resulting in attenuation.